2007-08-04 22:15:01 · 4 answers · asked by sparkyboygym 1 in Business & Finance ➔ Personal Finance
Yep, that is what a co-signer is for. If you read the contract somewhere in fine print it should say, "by co-signing this loan you accept all responsibility and penalties that are unable to be upheld by primary signer..." Bankruptcy fits the mold. Although who ever you co-signed for should ante up and give you what ever money is due when it's due. In the future don't co-sign for anyone except your momma, and only if you're on good terms.
2007-08-04 22:27:39 · answer #1 · answered by Golum27 2 · 0⤊ 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.
2007-08-05 02:02:37 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Banks only require co-signers because it is statistically likely that the primary borrower won't be able to pay off the loan themselves. At that point the co-signer (you) are liable to pay whatever is left.
2007-08-05 02:46:14 · answer #3 · answered by nick_dunnus 2 · 0⤊ 0⤋
sure, certainly. A co-signer contract isn't risk-free in a financial ruin intending. basically the guy holding financial ruin is roofed. The co-signer isn't, except he/she additionally broadcasts financial ruin. in case you made the blunders of ensuring the loan of somebody who could no longer/did no longer honor the criminal duty, you're on the hook to pay it off.
2016-10-14 00:49:23 · answer #4 · answered by marolf 4 · 0⤊ 0⤋