if the cosigner declares bankruptcy?

Question

My question is just like the title.
Say if my dad cosigned for my credit card, and then few years later if he declares bankruptcy, will his bad credit affect to mine or will i need to pay for his debt or something?

Answer 1

If your co-signer declares bankruptcy, he is absolved of liability, however, you will take charge of those debts which your name is also listed... However, because he declares bankruptcy NO WAY will affect your credit, other than to say you are solely responsible for debts which you and your co-signer are in a contract.. If you did not sign for any of his debt, then do not worry about it.. However, do not let companies try to trick you into signing on to his accounts..

Answer 2

financial disaster shouldn't discharge your pupil loans. Undue hassle is extremely annoying to instruct because of the fact poverty is particular to final continuously. in case you have been thoroughly and entirely disabled for all times, then you definately could be waiting to get them discharged. inspite of the undeniable fact that, even consequently, your cosigner could nevertheless be reliable. you could no longer do away with a cosigner from a private loan because of the fact the completed factor of the cosigner is they have agreed to cover the debt in case you default.

Answer 3

You or your dad will need to make payments on the account. Its your debt, you signed for the account. Good lesson, do not co-sign with anyone for any reason.
Listen to me very carefully. If he wants to make payments, fine, but you need to have the statements sent to your address, and have your phone numbers on the account.
He only needs the account number and the payment address.
Pull your credit report at FTC.gov. Account could be listed as BK, and if the bank charged it off, rather than contact you, your credit will show a BK charge-off.
If it is charged off, negotiate with the bank. Offer to payoff the account in full if they will delete the tradeline entirely. You need to get that in writing.

Answer 4

His bad credit will not effect yours. He may be discharged from his unsecured debts such as credit cards, but if your the primary on the credit card your rights and liabilities are unaffected, you will still be liable for your debts, but not his debt.

Answer 5

no, it will not affect your credit and yes you are left with the entire debt.