How can a cosigner be protected if the primary of a loan files bankruptcy without them knowing?
by 
meysuhn
ANSWERS: 1
-
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.
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC