I am a cosigner on a house and the other person has declared chapter 11 bankruptcy what are my options?

Are the owners trying to keep the home. If not your options are pretty much, pay for the house, be garnished once they get a judgment or file bankruptcy.

Not enough information to know. The individual may have filed this form of bankruptcy to save the property, or may have filed in order to surrender the property. Read the bankruptcy file and repost once you can tell us more about what the person filing plans to do.

It depends on what they do and what you want to do. Consider talking to a very good bankruptcy attorney.

It would be helpful to know more information such as whether you live there, whether the other cosigner intends to continue paying on the house, whether you are paying on the house, whether there is equity in the house and what state you live in. If you are paying on the house now, there is little to no impact. The other cosigner simply will not be responsible for it going forward. If they are paying the loan, all is well for now, but they may be able discharge their liability on the debt either with a plan amendment or conversion to Chapter 7 (By the way, I'm guessing the cosigner filed a 7 or 13 because 11's are rare for individuals, but it's possible). In the case of a Bankruptcy discharge or the case that they are not paying it to begin with, you remain responsible for the loan. From that point the question is whether you want to save the house for equity's sake or credit's sake or have no choice but to walk away. In some states the mortgage company can really only get the house back and can't come after you for personal recovery. In other states, like Kansas, personal recovery ("in personam") can be requested, but is rarely pursued in my experience, at least on the consumer side (i.e. non-commercial).

It depends on the treatment of the secured claim in the 11. Likely the debtor is trying to save the house and wants to keep current with the mortgage payments and pay the arrears through the Plan in an 11. You may want to review your options with an attorney.