Will a Chapter 7 Bankruptcy Clear a Bail Bond if You're the Co-Signer
My question involves bankruptcy in the state of: TN
I am related to the person I bonded out.
Have no collateral put down against the bond.
Just trying to see if this is even possible for a worse case scenario, as I didn't read the fine print of a bond I signed for my brother. Stupid mistake on my end. So trying to find out if my brother doesn't make his court dates and if the full amount of the bond falls back onto me, if this would be cleared by a chapter 7 Bankruptcy.
Re: Will a Chapter 7 Bankruptcy Clear a Bail Bond if You're the Co-Signer
The obligation to pay the bond is no different from any obligation such as a medical bill, personal loan, credit card, etc. It is dischargeable in bk. Many times such bonds have collateral. Had you given collateral then the bonding company would be a secured creditor and might be entitled to some payment or the surrender of the collateral. However, you indicate that you did not give any collateral therefore the bonding company would be a general unsecured creditor listed on Schedule F of the bankruptcy documents.
Des.