Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

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

0
Posted

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

0

• 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.

Related Questions

Thanksgiving questions

*Sadly, we had to bring back ads too. Hopefully more targeted.