Is there a form of bankruptcy that protects cosigners? 13 Answers as of February 05, 2011

Is there a form of bankruptcy that protects cosigners?

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
No, there is no such form of bankruptcy.
Answer Applies to: California
Replied: 2/5/2011
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
Like the signer, the co-signer is legally liable for any debts. Like the signer, the co-signer can seek protection from any creditors by filing for bankruptcy relief.
Answer Applies to: Illinois
Replied: 12/29/2010
Steven D. Keist, Attorney at Law
Steven D. Keist, Attorney at Law | Steven D. Keist
Yes. Chapter 13.
Answer Applies to: Arizona
Replied: 12/22/2010
George Hoselton Bankruptcy Attorney
George Hoselton Bankruptcy Attorney | George Hoselton
When one co-signer files bankruptcy, the remaining, non-filing co-signer becomes completely liable for the debt. So if you file and your co-signer does not, they have to continue paying that debt.
Answer Applies to: Oregon
Replied: 12/22/2010
The Orantes Law Firm
The Orantes Law Firm | Giovanni Orantes
Chapter 13 does have a specific provision to protect cosigners.
Answer Applies to: California
Replied: 12/22/2010
    William C. Gosnell, Attorney at Law
    William C. Gosnell, Attorney at Law | William C. Gosnell
    Yes, cosignors are protected by filing a Chapter 13 wage earner. Because you are paying your debts.
    Answer Applies to: Tennessee
    Replied: 12/22/2010
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    A chapter 13 might be the solution for you. See a lawyer to find out.
    Answer Applies to: California
    Replied: 12/22/2010
    Bankruptcy Law Office of Robert Weed
    Bankruptcy Law Office of Robert Weed | Robert Weed
    Chapter 13 offers some protection for your cosigners. The other protection is to plan to file Chapter 7 soon enough that you get rid of your debts that are not co-signed. Then, when you are cleared of that, start paying the co signed debts again. A good lawyer in your area can help you with that.
    Answer Applies to: Virginia
    Replied: 12/22/2010
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    Yes. Chapter 13 protects codebtors from any actions to collect against them during the pendency of the Chapter 13 case (which is usually 36-60 months).
    Answer Applies to: California
    Replied: 12/21/2010
    DiManna Law Office, LLC.
    DiManna Law Office, LLC. | Dawn DiManna
    No, there is not. Although you could continue to pay the obligation after the bankruptcy.
    Answer Applies to: New Hampshire
    Replied: 12/21/2010
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    Yes, the co-signer (co-debtor) is protected in a Chapter 13. The debtor must pay in the Chapter 13 Plan for the property.
    Answer Applies to: California
    Replied: 12/21/2010
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