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are co-signers protected in bankruptcy? (1 viewing) (1) Guest
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TOPIC: are co-signers protected in bankruptcy?
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Mike Sareta (User)
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are co-signers protected in bankruptcy? 7 Years, 6 Months ago Karma: 0  
Can Co-Signers Be Protected In Bankruptcy?
 
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Henkel (User)
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Re:are co-signers protected in bankruptcy? 7 Years, 6 Months ago Karma: 0  
Good question.

Bankruptcy Code you file under.

However, in a Chapter 7 BK, certain debts are completely discharged, meaning that filers do not have to pay them. if a cosigner guaranteed repayment, then s/he will inherit the burden for teh unpaid debt.

Compare with a Chapter 13 BK, in which debts are rearranged and filers make regular payments under a court-ordered repayment plan. As long as the BK filer follows the BK plan, cosigners are protected by a codebtor stay.

Hope that helps.
 
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