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A question about being a cosigner

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    #1

    A question about being a cosigner

    I cosigned for a family member a few years ago so they could get a computer threw one of thoses buck a day companys. This family member is now declaring bankruptcy, and I am worried about how this will effect me. I don't have the money to take over the payments on this loan and I am worried that I will have to end up filling for bankruptcy myself (I am only 22, I don't want to do that). Can anyone give me some advice? Will the debt be wiped out because of the bankruptcy? Am I worrying about nothing? Or is it only a matter of time before people are banging on my door and my credit is ruined?

    I live in Ontario Canada
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    #2
    Originally posted by Fallout
    I cosigned for a family member a few years ago so they could get a computer threw one of thoses buck a day companys. This family member is now declaring bankruptcy, and I am worried about how this will effect me. I don't have the money to take over the payments on this loan and I am worried that I will have to end up filling for bankruptcy myself (I am only 22, I don't want to do that). Can anyone give me some advice? Will the debt be wiped out because of the bankruptcy? Am I worrying about nothing? Or is it only a matter of time before people are banging on my door and my credit is ruined?

    I live in Ontario Canada
    The family member's BK filing will be reflected on your credit report too.

    Good Luck!
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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      #3
      How much of an effect? It was a fairly small loan, only about 2000$. It wasn't like it was for 10,000 or something like that. Will I have to start paying it or is there a good chance that they will just write it off and i'll take a hit to my credit rating. I'd rather have that happen then have to pay it off and declare bankruptcy myself. I am college student and I have about 50$ left at the end of every month after paying the bills.

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        #4
        Originally posted by Fallout
        How much of an effect? It was a fairly small loan, only about 2000$. It wasn't like it was for 10,000 or something like that. Will I have to start paying it or is there a good chance that they will just write it off and i'll take a hit to my credit rating. I'd rather have that happen then have to pay it off and declare bankruptcy myself. I am college student and I have about 50$ left at the end of every month after paying the bills.
        That specific account will be listed as Chp 7 BK -Zero- balance. The lender will most likely write off the debt or attempt to reposess it. Either way, it'll be reflected on your credit report.

        Good Luck!
        The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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