What Happens If I Have A Co-signer On A Debt? If someone has co-signed a note for you and you file for Chapter 7 bankruptcy protection, the debt must be listed as one of your debts. Your co-signer will be notified and may have to pay the debt.
On the other hand, if you have co-signed for someone on a note, that creditor will be also listed in your bankruptcy and your co-debtor notified. Your debt will be discharged, and the remaining debt will become the sole responsibility of the person for whom you co-signed. When navigating through the process of bankruptcy, is is always a good idea to you work with a qualified bankruptcy attorney to ensure proper handling of your case.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding What Happens If I Have A Co-signer On A Debt?, or any other Bankruptcy matters, please feel free to contact Joel E. Sannes at 480.461.5307, or log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.