I Am A Co-Signer On A Loan That Was Discharged – Can The Creditor Come After Me Now?
Yes. A bankruptcy which discharges a debt only discharges the debt for the individual who has filed for bankruptcy. Co-signer may still be liable for the discharged debt. For example, you and your spouse are co-signers on a credit card and one spouse files for bankruptcy. The credit card debt is discharged under the bankruptcy for one spouse. The credit card company may hold the other spouse who has not filed for bankruptcy for the remaining debt on the credit card.
Other Co-signers, Spouses and Others FAQs
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Q:
If I File For Bankruptcy – Will My Spouse Need To Also?
A: No. In cases where both spouses have a lot of debt, a joint petition for a bankruptcy may be filed. Only married individuals may file a joint … more -
Q:
If I File For Bankruptcy – Will It Hurt My Spouses Credit Rating?
A: In general, if you file for bankruptcy and your spouse does not (spouses are not required to file); your bankruptcy will not show up on your spouse’s credit … more
Bankruptcy Sub-categories
