It is very important that you know the rules very well when filing for bankruptcy not only for your protection but also for the protection of your co-signer.

First, let us define what a co-signer is. A co-signer is the person who legally guarantees another person’s credibility to obtain a loan. A co-signer is required if the primary loan applicant has bad credit history. As a co-signer, you accept to be responsible for the repayment of the loan should the first signer fails to pay debts on time.

Now, is will a co-signer still be required to pay for your debts if you filed for bankruptcy? Let us discuss what the law says about this.

Read more Bankruptcy and the Protection of Your Co-Signer