Legal Question in Bankruptcy in Michigan
co-signer
I am an co-signer on a loan and possibly will be filing for bankruptcy.
How will this loan be affected
Asked on 11/05/07, 11:05 am
2 Answers from Attorneys
Victoria Easterday
Law Offices of Victoria Easterday
Re: co-signer
If you file a Chapter 7 bankruptcy action, your liability on this loan will be discharged. The loan will remain open (provided there are regular payments being made)for the primary debtor who remains totally liable for the debt once you are discharged.
Answered on 11/05/07, 11:24 am
Rochelle Guznack
Law Offices of Rochelle E. Guznack, PLLC
Re: co-signer
If you do not agree to pay the loan back 100%, the other signer will be liable for the loan balance.
Answered on 11/05/07, 3:28 pm
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