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Co-signers, Spouses and Others Lawyers

Co-signers, spouses and other relatives may be affected by a bankruptcy filing. Co-signers may be forced to cover their guaranty, and any co-owned property may be subject to a bankruptcy order. If you jointly own property with a co-signer, spouse or other you may be forced to sell your interest in that property. Some states do allow for your primary home to be exempted from creditors and the bankruptcy court will follow that rule. If you do file for bankruptcy your credit report will reflect the filing for up to 10 years, therefore a co-signer or spouse may also have their credit adversely impacted by a bankruptcy filing.

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Frequently Asked Questions

I Am A Co-Signer On A Loan That Was Discharged – Can The Creditor Come After Me Now?
Yes. A bankruptcy which discharges a debt only discharges the debt for the individual who has filed for bankruptcy. Co-signer may still be liable for the discharged debt. For example, you and … more
If I File For Bankruptcy – Will My Spouse Need To Also?
No. In cases where both spouses have a lot of debt, a joint petition for a bankruptcy may be filed. Only married individuals may file a joint petition. A joint petition is a … more
If I File For Bankruptcy – Will It Hurt My Spouses Credit Rating?
In general, if you file for bankruptcy and your spouse does not (spouses are not required to file); your bankruptcy will not show up on your spouse’s credit report. However, your spouse … more

Legal Articles

Will Filing for Bankruptcy Get Rid of All My Debts?
Many people think that if they simply file Chapter 7 bankruptcy, then they will get rid of all of their debts. Unfortunately, this is not the case. There are some types of debts that cannot be discharged in bankruptcy by law. This means that even if you complete bankruptcy proceedings, you still have to pay back these debts. These debts include child support, alimony, … more
Free Consultations: Important for Bankruptcy Cases
If you are looking to hire a bankruptcy attorney then you have likely seen multiple ads that all claim to provide prospective clients with free legal consultations. However, the word consultation means different things to different attorneys and it is, therefore, important to understand what your free bankruptcy consultation will be before you agree to it. Why is a Free Bankruptcy … more

Co-signers, Spouses and Others Lawyers