Legal Question in Bankruptcy in Illinois

Am I Liable as a co-signer

I am the co-buyer on a auto loan for my son, he would like to file for bankruptcy. What do I need to do, not to be included as part of his bankruptcy?


Asked on 12/15/01, 7:27 pm

1 Answer from Attorneys
Bruce Buckrop Bruce Buckrop

Re: Am I Liable as a co-signer

It is in the rules that all debts must be included,however debtors can "re-affirm" which typicaly means re-sign the contract so it is still binding, warning!creditors do not have to re-affirm.A chapter 13 paymentPlan can be filed that are binding on the creditors, and protect a co-signer from having to pay the debt, provided it is paid in full in the chapter 13 plan.

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Answered on 12/17/01, 10:17 am


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