Will my co-signers bankruptcy affect my credit? Posted on July 22, 2011

I co-signed on a credit card loan for my son 2 years ago. I recently discovered via my credit report that he has been delinquent on the loan by a few months and the loan has now been charged-off. My son is now filing for chapter 7. The bankruptcy lawyer has informed him that the negative information will be removed from my credit report once the bankruptcy paperwork has been filed. Is there anything that I can do to avoid having this information on my report for 7 years?

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