2007-08-04 21:09:26 · 10 answers · asked by sparkyboygym 1 in Business & Finance ➔ Personal Finance
Yes, of course - that's the whole idea behind having a co-signer - they agree to fulfill the terms of the agreement if the primary party should be unable to, for whatever reason.
2007-08-04 21:12:06 · answer #1 · answered by greeneyedprincess 6 · 1⤊ 0⤋
Yes, indeed. A co-signer agreement isn't included in a bankruptcy proceeding. Only the person declaring bankruptcy is covered. The co-signer is not, unless he/she also declares bankruptcy. If you made the error of guaranteeing the loan of someone who could not/did not honor the obligation, you're on the hook to pay it off.
2016-05-18 21:25:47 · answer #2 · answered by kathleen 3 · 0⤊ 0⤋
Yes, a Co-signer is liable for the loan if the primary signer defaults on the payments.
The only way you can be 'off the hook' for the payments is if the Lender takes you off the agreement. Which in this case, they probibly won't.
2007-08-04 21:17:18 · answer #3 · answered by beowolf72 2 · 0⤊ 0⤋
Yes. The co-signer gauranteed the loan.
2007-08-04 21:16:08 · answer #4 · answered by Mickie K 4 · 0⤊ 0⤋
yeppers. dont ever co-sign a loan unless you're married to that person. the whole reason a company wants the buyer to have a co-signer is so that they will get their money one way or another. and since the buyer is claiming bankruptcy, then you'll have to pay for that item. the only up side to all this madess is that once you have paid for it, then its actually yours. so for your sake, i hope whatever you co-signed for it something really nice and you have dreamed of owning it for many many years.
2007-08-04 21:23:28 · answer #5 · answered by april 2 · 0⤊ 0⤋
I would never co sign for anyone to get anything. that is like taking out a loan for yourself - you are held fully responsible. if a person can't get something on their own merit, they aren't going to talk me into helping them co sign to get it and potentially ruin my credit! But to each his own!
2007-08-04 21:17:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, nobody should co sign without expecting to pay the entire amount.
2007-08-04 21:13:59 · answer #7 · answered by shipwreck 7 · 0⤊ 0⤋
Yes, of course.
2007-08-04 22:09:32 · answer #8 · answered by Meadowlark 2 · 0⤊ 0⤋
obvioulsy...thats what co-signing means.
2007-08-04 23:00:06 · answer #9 · answered by Anonymous · 0⤊ 0⤋
NO
2007-08-04 21:17:10 · answer #10 · answered by ts_totalsuccess 1 · 0⤊ 2⤋