What happens with your loans in these situations?

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BarbellDreams
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Joined: Thu Mar 19, 2009 6:10 pm

What happens with your loans in these situations?

Postby BarbellDreams » Fri May 04, 2012 5:24 pm

What if you have a cosigner that files bankruptcy? What happens with your loans (assuming these are loans that have already been paid and disbursed)?

Larsey
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Joined: Wed Mar 14, 2012 10:31 am

Re: What happens with your loans in these situations?

Postby Larsey » Sat May 05, 2012 4:47 pm

This is something your cosigner should probably ask their bankruptcy attorney. You already made a loan agreement, so the creditor can't change it, I don't believe. My guess is that you would just want to find a new cosigner for next year.

Here are a couple links that might help:
http://www.totalbankruptcy.com/overview ... uptcy.aspx
http://www.ehow.com/facts_5574896_cosig ... uptcy.html

Hope it all works out!

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evilxs
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Joined: Wed Jun 10, 2009 1:21 pm

Re: What happens with your loans in these situations?

Postby evilxs » Mon May 07, 2012 11:57 am

They have a shot to discharge their obligation to your debt with a very good bankruptcy attorney.

You're still on the hook, and are fine. You'll just need a new cosigner for next set of loans.




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