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Co signer and impact of bankrupty

Will a co signer suffer any legal problems if I go bankrupt? Or will the monthly payment just be sent to them each month. Will there be any sort of judgment against them will this cause any credit problems for them on their credit report?

Posted from: Ontario

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One Response to “Co signer and impact of bankrupty”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

When you file for bankruptcy any debt you have cosigned on you will no longer be responsible for. However, the co-signer will still be obligated to satisfy that debt. When they signed on the debt they essentially said that irrespective of what happens to you (death, bankruptcy etc.) they will make sure the debt is paid in full. So if you file bankruptcy the creditors will concentrate their collection efforts on the cosigner. They may be willing to take monthly payments, but they may not. So the presence of legal action will really depend on whether or not the cosigner is able to workout acceptable repayment options with the creditor.