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How Will Bankruptcy Affect a Cosigner's Credit

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  • 12-21-2016, 01:03 AM
    lawfacts
    How Will Bankruptcy Affect a Cosigner's Credit
    A woman in New Jersey helped her daughter buy a car. The woman is the borrower on the car loan, and the daughter is a guarantor of the loan. The woman is now going to file for bankruptcy. How will the bankruptcy affect the daughter's credit?
  • 12-21-2016, 05:59 AM
    Mr. Knowitall
    Re: How Will Bankruptcy Affect a Cosigner's Credit
    If the daughter continues to make payments, the impact on her credit should be minimal -- the credit reports have changed their systems in the past ten years so that they can reflect the debt as current on the non-bankrupt person's credit report.
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