Cosigners

News & Analysis as of

My father cosigned my car loan. What will happen if I file bankruptcy?

I needed my father to cosign my car loan for me. Now I need to file bankruptcy. Will my father need to pay off that loan? In general, your father will still be liable on that loan if it's not paid in full. After all,...more

Chapter 7 Bankruptcy and Co-Signed Debts

Once a Chapter 7 bankruptcy is filed, all collection efforts and activities must stop because of the bankruptcy’s automatic stay. But, it’s important to know that the Chapter 7 automatic stay does not extend to your...more

Avoiding a Cosigner Catastrophe: Protecting Friends and Family in Bankruptcy

What is a cosigner? A cosigner is usually a friend or family member who signs a legal document or contract and promises to pay your loan in the event you are unable. When a consigner signs a contract, this individual becomes...more

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