How will it affect the co-signer on my loan if I file bankruptcy?

How will it affect the co-signer on my loan if I file bankruptcy?

I lost my job a little over a year ago and have since found myself in a very stressed financial state. I am considering filing bankruptcy because I have a car loan that is nearly half of my current income. I would willingly hand over the vehicle but my father co-signed and his income has also decreased significantly due to illness and he can not afford to cover the payments or pay it off. If I file bankruptcy would my co-signer be expected to pay it off? I do not want to cause him to lose his house or anything. I am a single mother with my only income at the moment being unemployment.

Asked on March 21, 2011 under Bankruptcy Law, Ohio

Answers:

---

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.