Legal Question in Bankruptcy in California
Co-signer
If there is a default thru bankruptcy by the signer, how does that affect the co-signer? Is she liable?
Asked on 5/01/03, 5:07 pm
2 Answers from Attorneys
Robert Miller
Robert L. Miller & Associates, A Law Corporation
Re: Co-signer
Typically, yes. A co-signer promises to pay in case of default, and a bankruptcy is a default. The only way to completely extinguish a debt that is co-signed is for both persons to declare bankruptcy.
I hope this helps, and best of luck.
Answered on 5/01/03, 5:59 pm
Alvin Tenner
Law Office of Alvin G. Tenner
Re: Co-signer
I do not know what you mean by default in BK. However, the non-bankrupting co-signer is liable on the note.
Answered on 5/03/03, 3:45 pm
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