If I have a loan and a co signer and the co signer files bankruptcy but keeps that loan out of her bankruptcy and if I file bankruptcy will they be liable?
Answer
First of all, the co-signed loan should not be "kept out of the bankruptcy." Your co-signor is required to list all debts, including co-signed obligations, in her schedules. If the debt is not listed, the creditor may have an argument the debt is not discharged as to your co-signor. If you, in turn, file bankruptcy, then you may not be liable on the loan and the co-signor may be stuck with the obligation.
But we cannot give a reliable answer to your question without a full picture of your assets and liabilities. You should consider hiring an attorney to make sure you understand what your exposure may be.
- BensonBankruptcy.com
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