Results 1 to 4 of 4
  1. #1
    Join Date
    Mar 2012
    Posts
    1

    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
    Feb 2010
    Location
    CT & IL
    Posts
    5,276

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

    Need to see the BK paperwork; maybe not at all.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    75,031

    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.

  4. #4

    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.

    1. Sponsored Links
       

Similar Threads

  1. Chapter 7: Reaffirming a Car Loan if Both Borrower, Cosigner are in Bankruptcy
    By BLCSweetness in forum Bankruptcy Law
    Replies: 2
    Last Post: 06-25-2011, 09:11 AM
  2. Chapter 7: Cosigner's Liability for a Car Loan Not Reaffirmed After Bankruptcy
    By kpolaski16 in forum Bankruptcy Law
    Replies: 1
    Last Post: 05-09-2011, 12:08 PM
  3. Chapter 13: Student Loan Balance Reported as Zero After Cosigner's Bankruptcy
    By JudyDixon in forum Bankruptcy Law
    Replies: 3
    Last Post: 04-08-2011, 07:46 PM
  4. Replies: 1
    Last Post: 03-18-2011, 06:42 AM
  5. Chapter 13: Cosigner for Defaulted Student Loan is in Bankruptcy and has Threatened to Sue
    By truthbtold in forum Bankruptcy Law
    Replies: 3
    Last Post: 10-18-2010, 11:58 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
 
Forum Sponsor
Bankruptcy Forms
State specific bankruptcy forms at affordable prices. Download and use.


Untitled Document