QUESTION

When someone file bankruptcy and that person has co-signed a note for someone else, now that note is apart of their file on bankruptcy, will the note

Asked on Oct 23rd, 2011 on Bankruptcy - Mississippi
More details to this question:
have to be paid or will it be apart of the bankrutcy that''s being file.
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1 ANSWER

William/J Joanis
The person who has filed is discharged from their personal obligation to pay it. The debt itself is not discharged, nor is the other obligor on the note.  It comes down to whether there is a default under the note.  No default, no effect from the bankruptcy.
Answered on Oct 23rd, 2011 at 7:52 PM

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