If a Family Member Cosigned a Loan, Can I Still File for Bankruptcy?
When you are considering the possibility of consumer bankruptcy , it is important to work with an Oak Park bankruptcy lawyer to ensure that the bankruptcy process goes smoothly and to identify any potential issues that may arise in your bankruptcy case. One such issue, depending upon your circumstances, is a loan or line of credit with a cosigner. If you do have a cosigner or a guarantor on any debt, it is critical to understand that your bankruptcy case could negatively impact your cosigner if you do not take certain steps in advance. As you likely know if you do have a cosigner or a guarantor, a cosigner is necessary in situations in which you cannot obtain a loan alone with your credit profile and history. Accordingly, in order to get the loan or line of credit, you might ask a family member with good credit to act as a cosigner for you. In such situations, you might be wondering if you are still eligible to file for bankruptcy. You can certainly file for bankruptcy and receive a...