If I file for bankruptcy, will it hurt my co-signer’s credit score?
If you’re considering filing for bankruptcy, it’s important to understand how the process might affect your co-signer. When someone cosigns a loan with you, they are essentially taking on the responsibility to pay off the debt in full if you cannot. But if you file for bankruptcy, will this negatively impact your co-signer’s credit score?
The answer is yes. If you file for bankruptcy and your cosigned debt is not discharged, then the lender can come after your cosigner for repayment of that debt. And this could have a negative effect on their credit score. So before filing for bankruptcy, it's important to speak with an attorney about how it may affect any debts or loans that involve a cosigner or other type of guarantor.
The Law Offices of Omar Zambrano has helped thousands of the people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706