By Jeff Field | Published July 18, 2023 | Posted in Bankruptcy | Tagged Tags: co-signed loan, declaration of default, principal borrower | Leave a comment
What’s the Effect of Your Loan’s Co-signer Filing for Bankruptcy?
People who have difficulty borrowing money often get a friend or relative to be a co-signer on a loan. The co-signer is in effect a guarantor who is secondarily liable for the debt until it is paid in full. However, the situation changes if the co-signer files for bankruptcy. When a co-signer declares bankruptcy, it Read More
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