Can I collect from the cosigner of someone who filed bankruptcy? 19 Answers as of February 14, 2011

Yes, you can. You should hire a lawyer.

Yes, you can collect from the cosigner once the bankruptcy of the student is complete.

Yes, you can.

Yes you can.

You can typically collect from the co-signor unless the debtor filed a Chapter 13 bankruptcy or the co-signor filed a bankruptcy also. A Chapter 13 Bankruptcy protects the co-signor also.

Generally, yes. Usually, the purpose of requiring a co-signor in the first place is that it allows collection from another in satisfaction of an otherwise uncollectable debt owed. In some jurisdictions the relationship of the co-signor to the debtor may sometimes pose a problem, but not usually that I am aware of.

As long as the co-signor has not filed bankruptcy, you can after the bankruptcy.

Yes, you can go after the co-signer now unless the student filed under Chapter 13 which provides protection for the co-signer (co-debtor) while the bankruptcy case is pending. If it is a Chapter 13 that the student filed and the debt is not paid by the student in the Chapter 13 Plan, then you can collect it from the co-signer in the future when the Chapter 13 Plan is concluded and the case is closed. A good question would be whether the student loan is dischargeable in the student's bankruptcy. If it is not, and the student filed a Chapter 7, then you might be able to collect the loan from the student after the student's bankruptcy case closes since the loan will remain alive. Whether the loan you made to the student is dischargeable requires that you consult with a bankruptcy attorney to review the loan documents. All debt has to be listed in the bankruptcy petition. Therefore, just listing a student loan in a bankruptcy petition does not mean it will be discharged.

Yes, unless the co-signer too files bankruptcy.

Yes.