Co-signer **HELP**

[Kris331]

[sharksfan]

The cosigner will be notifed of your filing (ours was). As far as our CU is concerned, they don't care who pays the loan as long as it gets paid as originally agreed. Your Co-signers credit will not be hurt.

Just be up front with your co-signer. If it is a relationship you wish to maintain post BK, you will need to pay on the loan as you always have... otherwise the CU will go after him/her for it.

[JRScott]

If you seek to discharge the debt that the co signer paid for then by the terms of the original loan they'll seek the money from the cosigner.

Keep in mind that unless it is a secured loan you cannot chose to keep it in a chapter 7 either. All debt must be reported.

[sharksfan]

Keep in mind that unless it is a secured loan you cannot chose to keep it in a chapter 7 either. All debt must be reported.

We've been given the option to reaffirm our 'co-signed' unsecured loan, though it doesn't really matter in the CUs eyes. They don't care who pays them as long as the money is green.

[woeisme]

If you don't want to hurt the co-signer's credit, you have to pay the 11K loan. You can have the loan discharged in BK through CH 7, and the creditor can no longer legally go after you for the money, but the whole purpose of a co-signer is that the creditor can then go after the co-signer for the amount owed.

My brother had my Mother co-sign a loan for him, then he filed CH 7. My Mother had secured the loan with a certificate of deposit (CD) so the creditor would have just taken her CD if he had not decided to re-affirm the loan and continued to pay it off after the BK. But she would have been stuck for the remaining amount of debt on the loan if he hadn't done that. You have to do something like that, re-affirm the loan after you file, if you don't want it to hurt your co-signer.