When Your Co-Signer Files for Bankruptcy
Did a parent or family member co-sign on your private student loans or for another substantial purchase on credit? You are likely to have many questions if you find out that your co-signer has decided to file for personal bankruptcy . Should Chicago residents in this situation worry about the status of their loans and their relationship with the creditor? A recent article in the St. Louis Post-Dispatch helped to explain what happens when a consumer takes out a loan with the help of another’s credit profile, and that co-signer files for Chapter 7 bankruptcy . We will take a closer look at the situation described in the article to help explain what you should do if you learn that your co-signer is seeking bankruptcy protection. Help! My Co-Signer is Filing for Bankruptcy By taking a closer look at the scenario presented in the article, we can explain how a consumer should handle a situation in which her co-signer files for bankruptcy. According to the article, a conc...