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What are the rights or obligations of a co-signer for a loan that has been included in a bankruptcy and who does not have the money to pay the large debt himself?
Wiki User
∙ 7y ago
The obligation is that the loan is now the liability of the co-signer who did NOT file bankruptcy.
Your rights are the same as any debtor. You can pay the loan, or default. Declaring bankruptcy yourself is an option also. For those reading along...this is why lenders want a co signer before lending to people they don't think can/will pay off their promises. They've seen it before.
So when/if the primary can't/doesn't pay, someone else will.
This lender, unlike others who will get nothing by the primary declaring bankruptcy, will more than likely get his debt paid by - or the assets of the cosigner to do so.
Funny, the deadbeat will now get away without paying the promises to this lender, other lenders and wanna bet, never repay the cosigner, ever, too!
Wiki User
∙ 7y ago
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