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  1. #1

    Default Cosigner Being Forced to Declare Bankruptcy

    My question involves bankruptcy in the state of:

    What will happen to me coz i've been declare bankruptcy. Well the story is. i become a guarantor years ago to a friend of mine. $60000 was the amount that my friend load. My friend has been MIA or even flee out out the country. Now i receive a call that state im to be declare bankruptcy. What are my option. What will happen to my asset.

  2. #2
    Join Date
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    Default Re: Cosigner Being Forced to Declare Bankruptcy

    Although there is such a thing as an involuntary bankruptcy initiated by a creditor, such proceedings are very rare.....

    Are you in the United States?

    Who supposedly called you about the bankruptcy and exactly what did they say? You may, for example, have misinterpreted what you were told by a bill collector.

    What type of loan is this (e.g., is it a guaranteed student loan) and how long ago did default occur?

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