QUESTION
If a person files bankruptcy is cosigner responsible for loan?
Asked on Mar 05th, 2012 on Bankruptcy - Michigan
More details to this question:
My wife needs to file and I am cosigner on loan. am I responsible?
23 ANSWERS
Bankruptcy & Debt Attorney serving Syracuse, NY
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Theodore Lyons Araujo
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Yes.
Answered on Jun 02nd, 2013 at 8:05 PM
judith runyon
Yes.
Answered on Jun 02nd, 2013 at 8:05 PM
Yes.
Answered on Jun 02nd, 2013 at 8:04 PM
Daniel James Wilson
Yes.
Answered on Jun 02nd, 2013 at 8:04 PM
Glen Edward Ashman
Yes.
Answered on May 30th, 2013 at 8:46 PM
Bankruptcy Attorney serving Clayton, GA
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Gary C. Harris, P.A.
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Yes.
Answered on May 30th, 2013 at 8:45 PM
Yes.
Answered on May 30th, 2013 at 8:34 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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A co-signer is obligated to pay if the primary borrower defaults.
Answered on Mar 12th, 2012 at 1:22 PM
Commercial Transactions Attorney serving Clarksdale, MS
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Holcomb Chaffin and Rogers, P.C.
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A co-debtor stay may be available. Again, one would have to have significantly more facts than are presented.
Answered on Mar 08th, 2012 at 12:43 PM
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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If a note is joint and one person files bankruptcy, the discharge of the debt only applies to the person who filed for bankruptcy. The person who did not file is still responsible for the entire debt.
Answered on Mar 08th, 2012 at 8:22 AM
2 Awards
Yes you are still responsible.
Answered on Mar 07th, 2012 at 6:16 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Generally yes you are responsible.
Answered on Mar 07th, 2012 at 5:01 PM
Bankruptcy: Creditor Attorney serving Grand Island, NE
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Milner Neuhaus & Judds
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Yes, a cosigner will be responsible if he/she does not also file to discharge the debt. Your wife's filing will, in effect, transfer the debt to you.
Answered on Mar 07th, 2012 at 4:53 PM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Yes, unless you file with her.
Answered on Mar 07th, 2012 at 2:31 PM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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Yes you will be responsible as co-signor.
Answered on Mar 07th, 2012 at 2:18 PM
Business Bankruptcy Attorney serving Raleigh, NC
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J.M. Cook, P.A.
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Yes. As co-maker you are responsible for the debt.
Answered on Mar 07th, 2012 at 2:15 PM
The bankruptcy will discharge the obligations of the petitioner and not those of a co-signor or guarantor. Barring some other facts not mentioned, you will be held responsible on this debt.
Answered on Mar 07th, 2012 at 2:09 PM
Criminal Defense Attorney serving Summit, NJ
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Stephen P. Dempsey Counselor at Law
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Your wife's bankruptcy will discharge her liablity on the debt but your liability will remain as a co-debtor on the loan.
Answered on Mar 07th, 2012 at 1:03 PM
Domestic Relations Attorney serving Huntsville, AL
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Ferguson & Ferguson
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If she files a chapter 7 you will be. If she files a chapter 13 and pays the debt in full you won't.
Answered on Mar 07th, 2012 at 1:02 PM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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You are but any judgment against you could not be collected from the community property since your wife's discharge protects the community property, including your share of it. That will not keep the bank from being able to sue you but you can prevent collection of the judgment from community property. If there is no separate property then the judgment would probably be uncolletable. However, it will affect your credit and you will have a judgment against you that will show in your credit report. This is why many people in your situation try to settle the debt after the bankruptcy case is over.
Answered on Mar 07th, 2012 at 12:51 PM
Yes you are, unless you file bankruptcy with her.
Answered on Mar 07th, 2012 at 12:49 PM