by meysuhn on November 12th, 2008

meysuhn

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How can a cosigner be protected if the primary of a loan files bankruptcy without them knowing?

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  • by Rechoryan on November 12th, 2008

    Rechoryan

    You're sort of stuck there, unless you can work out something with the courts & the lending institution about payment arrangements through the Chapter 13 (if it's a chapter 7 :( ). You can be protected if you file for bankruptcy also, but that's really about the only way. Cosigning is always very risky because something like that can happen, it's also why the Bible says don't cosign. Sometimes talking only to the lender helps, but it depends on the amount of the debt and if it is secured.

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