Jim Jam
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Get some more jobs and quit having debts. |
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deb1975@sbcglobal.net
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When you file bankruptcy the debt responsibility then falls to your co-signers. That is specifically why co-signers are used. Talk to your attorney as there may be a way around it. Good luck |
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STEVEN F
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A cosigner agreed to pay if you don't. Your bankruptcy does not cover them. The possibility you would not pay is the reason your creditor wanted a cosigner in the first place. |
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breeze1
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With a chapter 7, your cosigners would pay, Chapter 13 is a structered payout so it may be up to the creditors whether they will accept it, not sure. |
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patclem2
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If you file bankruptcy then your co-signers are responsible for the debt. I have had it done to me. |
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?
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Go to a credit counsellor and see how to redo your debt without going into bankruptcy. There is a way of keeping the creditors happy and not hurting your family relationships. |
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pattibcacl
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Don,t file bankruptcy your cosigners will have to pay your debt for you talk to your lawyer |
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Captain Credit
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You may find your answers here...
http://www.creditmanagementworld.com/bankruptcy/bankruptcy01.html
They also have a members only area with more detailed information about what you are asking. For $80 it's maybe a good idea to find-out what you can before you spend $200 an hour to sit in front of an attorney - they will be glad to answer your questions...but, the meter will be running the whole time. |
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CactusFlower
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If you file bankruptcy, the creditors will go after your cosigners.
I suggest checking the local yellow pages for bankruptcy attorneys. Most all BK attorneys will grant you a short consultation free of charge.
Good luck. If you decide to go that route, you better have plans in place to get your relatives the money they need to pay back those loans when the creditors come a callin :-( |
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INACTIVE
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Check with an attorney on that but I believe if you don't pay or cannot pay, those co-signers will either have to fulfill the agreement to pay for that merchandise or they will be filing bankruptcy as well. Think not only twice about bankruptcy but several times and forget about your retired uncle representing you in bankruptcy court. He may work cheaply but you get what you pay for. |
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BOB W
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That's right, you just dumped you debt on you friends. It's a two for one special it hurts your credit and theirs.
Cosigning goes something like this:
"Hi I'm a professional lender, yes I do this for a living and I can't charge you a high enough rate to make any money because odds are your not going to pay me back. So go lie to your friends and tell them your going to pay me back, which we both know you won't, so I don't get screwed they do!"
Pay cash! |
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Steve P
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You have now found out why you were required to have co-signers. Your bankruptcy means they have to pay up or lose their credit, home or life savings. |
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JuJitsu_Fan
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your personal stuff will affect no one other than yourself, but your business will affect everyone involved. good luck |
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