Whether done by an attorney or without, the BK filing MUST include all debts/obligations of the debtor (as well as all assets). Nothing can be excluded. The court will then order them according to the law, with some items of each being excluded or exempt and some having priority. There is no election as to what is reported.
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
Nothing unless they filed on your loan.
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
No, the primary signer is still liable. But if a loan is not dischargeable, such as a student loan (actually is is extremely hard to discharge), both the primary and co-signer will STILL be liable after the bankruptcy
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
I'm not an attorney, but I seriously doubt it. What sense would that make?
The company wants their money so if the primary doesnt pay then the cosigner must. Their is no way of getting around this. Bankruptcy should be outlawed. If you cant afford things dont take on the debt.
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.