Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

    How Will Filing Chapter 7 Bankruptcy Affect a Co-signer?

    Posted by Madison Newberg on May 4

    Lenders commonly ask for a co-signer. A co-signer is someone who agrees to be legally responsible for repaying a debt if the primary borrower defaults. A co-signer takes on equal responsibility for the loan, this means they are obligated to make payments if the primary borrower cannot. Common examples are parents co-signing for their children’s student loans or auto loans, or a friend co-signing a lease. 

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