Legal Question in Bankruptcy in Florida

hello - we have a personal/private loan signed,is the second party (borrower) responsible for entire debt if borrower/co-borrower goes bankrupt? And/or does it depend on how the cntract is written


Asked on 10/16/12, 5:17 am

1 Answer from Attorneys
R. Jason de Groot R. Jason de Groot, P.A.

Each person who signs a loan is jointly and severally responsible for repayment. If one of them goes bankrupt, the other is still responsible. This is general principle in contract law.

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Answered on 10/16/12, 5:48 am


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