If I’ve been thinking about filing bankruptcy but have a loan that is co-signed, what would be the effects on the co-signee if I was to include it in my filing?

I’m not behind on any payments but the debt is growing and I feel like I’ll never get out.

Asked on November 17, 2013 under Bankruptcy Law, Arizona


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Your filing for bankruptcy will not directly affect the co-signor. However, it will leave him or her more vulnerable, since he or she will become the only person that the lender can seek payment from or take action against for nonpayment.

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