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.
For more information about Co-signers, Spouses and Others, click here.
