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  1. #1
    Join Date
    Mar 2012

    Default Impact on a Loan If the Cosigner Files Bankruptcy

    My question involves bankruptcy in the state of: Tennessee

    My cosigner of my loan filed for bankruptcy in 2009 and did not tell me. How will this effect my personal loan?

  2. #2
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: Loan Cosigner Filed Bankruptcy-Credit Report Keeps Changing

    Read your loan contract. Does it say anything about what might happen if your cosigner declares bankruptcy? (If it does, odds are that it requires you to qualify for the loan or find a new cosigner in order to avoid acceleration of the debt, but we can only speculate.) If not, then the cosigner's bankruptcy doesn't change anything - you still owe the money on the schedule agreed to in your contract.

  3. #3

    Default Re: Loan Cosigner Filed Bankruptcy-Credit Report Keeps Changing

    Normally the co debtor will be fully responsible for the debts, if you are lucky enough to prove that you wasn't inform by any means, you could get away with it, But my own say about this is you are doomed! You are now the solely responsible for the debts.

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