QUESTION
I cosigned an unsecured loan for my daughter she is going to file bankruptcy can they still come after me?
Asked on May 01st, 2013 on Bankruptcy - Michigan
16 ANSWERS
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Yes.
Answered on May 16th, 2013 at 5:14 AM
Generally speaking, yes.
Answered on May 08th, 2013 at 1:23 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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If you cosigned then yes they can
Answered on May 03rd, 2013 at 1:57 PM
Debt Settlement Attorney serving San Diego, CA
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Law Offices of Kathryn Tokarska
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Yes. Her bankruptcy won't protect you. However, perhaps the reasons for your daughter's filing has to do with other debts and she intends to voluntarily honor the one she shares with you?
Answered on May 03rd, 2013 at 1:56 PM
Bankruptcy Attorney serving Los Angeles, CA
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Law Offices of Ameet Gandhi
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Yes, as long as the contract is valid against you the creditor can still come after you.
Answered on May 03rd, 2013 at 1:56 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Unfortunately, yes.
Answered on May 03rd, 2013 at 1:56 PM
Deborah F. Bowinski
Yes. The very reason lenders require cosigned is the very same reason one should think carefully before agreeing to cosigned. The lender questions the ability of the borrower to meet the loan obligation and requires a cosigned so they have a second party guaranteeing the repayment of the debt.
Answered on May 03rd, 2013 at 1:55 PM
Yes, if you cosigned you will remain liable. If she files Chapter 13, the lender cannot pursue while she is in the case, but can pursue you after the case is finished.
Answered on May 03rd, 2013 at 1:55 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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Of course. That's what a cosigner is there for- to guarantee payment of the debt.
Answered on May 03rd, 2013 at 1:55 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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Yes, they can and they probably will.
Answered on May 03rd, 2013 at 1:54 PM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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Most certainly. You are not filing bankruptcy, only she is. You are still fresh meat.
Answered on May 03rd, 2013 at 1:54 PM
Bankruptcy Attorney serving Walnut Creek, CA
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Alan E. Ramos Law Offices
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If she is filing Chapter 7 - yes. If she is filing Chapter 13 - No, as there is a co-debtor stay. In a Chapter 13, in order to proceed against you, the creditor would have to get the court's permission (relief from the co-debtor stay).
Answered on May 03rd, 2013 at 1:53 PM
Bankruptcy Attorney serving Overland Park, KS
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Wellman Law LLC
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When a person cosigns a loan they remain responsible for it even if the other cosigner receives a discharge of liability on their debts. A person can pay back a cosigned loan in a Chapter 13 bankruptcy to protect the other cosigner.
Answered on May 02nd, 2013 at 11:40 PM
Domestic Relations Attorney serving Milford, MI
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Gabel, Gudmundsen & Gabel, P.C.
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Yes. Unless you file for bankruptcy, you are still on the hook for the debt. You could look into settling the debt for less than is owed; most creditors will work with you.
Answered on May 02nd, 2013 at 11:22 PM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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Yes.
Answered on May 02nd, 2013 at 11:13 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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They can and will, that is why they had you co-sign.
Answered on May 02nd, 2013 at 11:08 PM