Legal Question in Bankruptcy in New Hampshire

Co-signers in bankruptcy law

I was wondering if I apply for bankruptcy would my creditors automatically pursue the co-signers of my loans for the loans payment? If so, is there any way the co-signers could not become involved?


Asked on 1/31/98, 7:35 pm

2 Answers from Attorneys

Leonard Battle Leonard C Battle Attorney at Law

Co-signers in bankruptcy

Your co-signers are not involved in your bankruptcy but your creditors would probably turn to them to collect the debts if they are barred from collecting from you.

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Answered on 2/02/98, 5:05 am

Co-Signers in Bankruptcy

Your cosigners are not directly involved in your bankruptcy; the automatic stay that prevents creditors from proceeding against you does extend to your co-signers as well; However, the creditor can have it lifted and proceed against the co-signers for the debt. There's no way for the co-signer to get out of the debt under these circumstances. That's the risk one takes when co-signing on a debt.

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Answered on 2/02/98, 9:36 am


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