Legal Question in Bankruptcy in Michigan

co-signer's responsibility in bankruptcy situations

I am considering bankruptcy, but am not sure how it

will affect my father who is the co-signer on both the

loans causing me to consider this course of action. I

am facing repossesion of both a car and boat and am in

no way able to pay off the debts. I lost my job and

now even though I have 2 jobs they in no way equal

what I was making when I aquired both of these debts.

Will my father face both of the debts alone if I file

for chapter 7 ban


Asked on 10/08/01, 9:44 pm

1 Answer from Attorneys
Don Darnell Darnell & Lulgjuraj, P.C.

Re: co-signer's responsibility in bankruptcy situations

The co-signer may still be responsible for the debt. You may want to consult with your bankruptcy attorney and determine the best course of action to protect your co-signer - which may mean a reaffermation of the debt co-signed.

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Answered on 11/24/01, 4:57 pm


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