As you consider whether to file bankruptcy and, if so, when to file, you need to be detailed and thorough while inventorying and documenting all income, assets and debts. When clients are documenting debts, they often ask what happens to a loan that had a co-signer. Specifically, what are the co-signer's responsibilities and opportunities in connection with the loan and your bankruptcy?
Ask an Experienced Bankruptcy Lawyer to Review Your Loans
As with any aspect of your Florida bankruptcy, it is important to talk to a knowledgeable attorney about any special issues having to do with your particular debts. Information on this website and from other sources may be helpful in a general sense, but an article or a web page cannot advise you on your unique financial picture. An experienced attorney at P.R. Smith Law Group P.A. can evaluate your financial documents and give you a personalized analysis, answering questions such as, "What about my car loan's co-signer?" and "What type of bankruptcy should I file?"
Co-Signatures and Chapter 7 Versus Chapter 13 Bankruptcy
In general, the status of a co-signer in a bankruptcy depends on the type of bankruptcy. In a Chapter 7 bankruptcy, where debts are discharged, a co-signer can still be held responsible for those debts. In a Chapter 13 bankruptcy, on the other hand, a creditor cannot go after a co-signer on a loan when that loan is included in the restructured debt repayment plan. Discuss the details of your loans and any co-signature on a loan with an experienced lawyer who will help you decide on the best course of action.
How Will Chapter 7 or Chapter 13 Bankruptcy Filing Affect Co-Signers On Your Loans? Free Initial Consultation at P.R. Smith Law Group, P.A.
For more information on your debts and the bankruptcy process or to speak with a Tampa bankruptcy lawyer about your rights, contact the P.R. Smith Law Group to schedule a free initial consultation. Call one of our Florida offices toll free at 888-682-5251 to make an appointment.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
