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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2821
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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if i file bankruptcy how is the co buyers credit affected

Customer Question

if i file bankruptcy how is the co buyer's credit affected and will they want payment from her. we are victims of predatory lending with this house and need to be out from under it before we sink.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
Cosigners are always responsible for the debt, regardless of what you do in the case. To protect a cosigner, you can choose to reaffirm the debt in chapter 7 (stay responsible for the payments) or if you do chapter 13, you can pay the debt 100% of the claim to protect your cosigner.