Can a loan co signor be responsible for a debt if the other person declares bankruptcy?

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Can a loan co signor be responsible for a debt if the other person declares bankruptcy?

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• A: Yes. The lender can require the co-signor to make payments on a loan once the principal has declared bankruptcy on the credit. This makes it extremely important when considering co-signing a loan: Be ready, and able, to pay the loan in the event that the principal signor defaults.

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