collect it from the cosigner. collateral for the loan. You may well be hesitant to file a bankruptcy case for your own benefit if that means trashing your co-signer’s credit. 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Many people considering Chapter 7 or Chapter 13 bankruptcy are worried about the effect that bankruptcy will have on their credit score. The good news is you CAN protect the co-signer from bad marks about your bankruptcy in his or her credit report. (Learn more about which debts can be discharged in Chapter 7 bankruptcy.). Discuss the situation thoroughly with your Louisville bankruptcy lawyer so that you are clear what your legal obligations are, and so that you do not create an unintended legal obligation for yourself. In some states, the information on this website may be considered a lawyer referral service. Secured debts are debts that you obtain by pledging property as As with so many legal issues, the answer to the question of whether your bankruptcy will affect your cosigner’s credit report and score is, “it depends”. But you do need to be careful. It interest in the car or house in exchange for the loan. “Discharging” (legally writing off) all or most of your other debts may free up enough money so that you could afford to pay the co-signed debt. })(window,document,'script','https://s3.amazonaws.com/com.upsnap.dmp.campaigns.creatives/js/upsnappixel.js'); m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) However, bankruptcy law clearly allows you to pay any debt afterwards if you want to. In Chapter 13 bankruptcy, the automatic stay protects your cosigners from creditors unless: the cosigner became liable for the debt in the ordinary course of the cosigner’s business, or; your Chapter 13 case gets dismissed, closed, or converted to a Chapter 7 or Chapter 11 bankruptcy case. There are two kinds of bankruptcy that individuals can file: Chapter 7 and Chapter 13. This is because of changes in credit reporting procedures over … Then usually within 3 or 4 months your legal obligation to pay that co-signed debt would likely be forever discharged. But you have options. This is where you agree with your creditor to repay the debt during your Chapter 7 bankruptcy. on the loan, the lender can take the collateral. Chapter 7 means no automatic stay. As the filer, your bankruptcy will be reflected on your credit report in two ways. (To learn how Chapter 13 bankruptcy works, what the repayment plan is, and how your debts are generally treated, see Chapter 13 bankruptcy.) That’s because you make no repayments. The fact is that although a bankruptcy will affect your credit, your score is likely already in bad shape given that you cannot pay off your debts. Getting a car loan after Chapter 7 vs. Chapter 13 bankruptcy. discharge applies to your liability on the debt, not the debt itself. Understanding your responsibilities when a co-signer files Chapter 7 bankruptcy is crucial to … medical bills, personal loans, and some income taxes and utilities. If you can’t catch up within a month or two, you’re going to be hurting your co-signer’s credit until you do. If you have a cosigner on your debts, your cosigner will still be responsible for the debt, despite your bankruptcy filing. So your creditors are free to pursue them to collect the debt. And it never applies to child support, alimony, criminal fines, and But Chapter 7 doesn’t provide any protection to cosigners or joint account holders—and since creditors can’t pursue you, they’ll direct all collection efforts towards them. })(window,document,'script','https://www.google-analytics.com/analytics.js','ga'); And second, if possible, you would also like to protect the co-signer’s credit record, so that he or she is not hurt this way either. If you default (502) 964-7878, Wasson and ThornhillFebruary 15, 2016Automatic Stay. brother Charles cosigned a loan with him. balance due unless that person filed bankruptcy with you. Joe's name was the only name The passage of time will heal his or her credit record, as long as you prevent any further hits on it. document.getElementById('upsnap_aaId').value=245; How Does Bankruptcy Affect Cosigners? Even if you think that filing bankruptcy would give you the financial relief you need, you may not want to do it because you don’t want to hurt a co-signer. To determine whether taking on this not-legally-required commitment is appropriate, talk it over very carefully with your attorney. a.async=!0; Or if your co-signer has already paid the debt in part or in full, Chapter 7 may enable you to pay back your co-signer. If you have not yet fallen behind in payments on your co-signed debt, and if (as just described) a Chapter 7 filing would enable you to keep current on those payments, you could likely prevent hurting your co-signer’s credit record. This should not affect the co-signer’s credit score. A completed Chapter 13 bankruptcy can stay on your credit reports for up to seven years from the date you file. If you have a cosigner on a house loan or a car loan and you file Chapter 7 bankruptcy, the cosigner is still responsible for the debt. Protect Your Co-Signer from Being Forced to Pay Your Debt. At this site you can find solutions from different companies: CREDIT-AND-FINANCE.COM-RE Will my chapter 7 bankruptcy affect my co-signer on my school loans? 7. ), When you successfully complete a Chapter 7 bankruptcy case, (But see the caution below. not afford the car, so he surrendered it. This The discharge does not make the debt disappear, however. Indeed, your legal obligation to pay your co-signer would very likely also be discharged. Unfortunately, this umbrella does not extend to your cosigners and joint account holders. Joe needed a loan to buy a car, so his When you file for Chapter 7 Bankruptcy you enjoy the protection of an automatic stay from pursuit by creditors. dischargeable debts is gone. His brother Charles cosigned on the loan. in the bankruptcy, your cosigner will still be responsible for any debt As a result, filing bankruptcy can have a severely negative impact on your credit score. Joe filed Chapter 7 When you file for Chapter 7 bankruptcy, you are protected from creditor collections by the automatic stay. This Is An Advertisement. In return you’d commit to making the regular monthly payments until the debt is paid off, as well as paying back whatever he or she paid. 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