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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Law » What happens to a co-signer in a bankruptcy? – Provo Bankruptcy Lawyers

What happens to a co-signer in a bankruptcy? – Provo Bankruptcy Lawyers


Bankruptcy Lawyers Provo Utah. Visit www.ProvoUtahBankruptcyLawyers.com or call us at (801) 701-2030 for more information about filing bankruptcy in Provo, UT. In this video, Corey discusses what happens to a co-signer in a bankruptcy. For more bankruptcy help, visit www.provoutahbankruptcylawyers.com Provo Bankruptcy Questions and Answers What happens to a co-signer in a bankruptcy? We’re going to approach this from two angles because there are really two answers here. If you’re a cosigner and someone else is filing or you’re filing and you’re a cosigner on someone else’s debt. Scenario 1: You are filing, someone else is cosigned. You’re putting them in a really bad situation. If you file –especially a Chapter 7 where you’re walking away from the debt– if Grandma, Mom and Dad, brother and sister, or best friend has cosigned on a loan for you let me tell you something, you are exposing them to the full action of the creditor. You may be even forcing them to file bankruptcy. So think long and hard about that before you make that decision. If it’s absolutely you-have-no-other-choice then I don’t know what to tell you. Maybe you want to go talk to them and explain it. Just don’t drop that bomb on them and one day have someone show up and serve them with papers because they’re being sued because you filed for bankruptcy. Scenario 2: On the other hand let’s say you’re the cosigner and someone else is filing bankruptcy. Just like I said, you’re exposed to that risk. That’s

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2 Responses to "What happens to a co-signer in a bankruptcy? – Provo Bankruptcy Lawyers"

  1. HalosVideoGames says:
    I hate to admit that I will need to file a bankruptcy.
  2. michsweet21 says:
    Thanks, I’ll make sure that I’ll be careful next time when a friend asks me to be a co-signer. :)

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