I Am a Co-Signer of a Debt, How Does Bankruptcy Affect My Obligation
If you are a co-signer of a debt you may not have to pay back the debt or obligation. It all depends on whether the debt is dischargeable. If the debt is considered a dischargeable debt then you will not be responsible for the debt and it will be wiped out by the bankruptcy filing. For example, if you co-signed a credit card application and the credit card debt is identified in the bankruptcy petition, it will most likely be discharged. It is important to remember that the other person who co-signed the debt with you will become primarily responsible for the debt once you file bankruptcy. The co-signer will have a contingent claim against you for the debt. Therefore, you should identify the co-signer as a creditor in your bankruptcy schedule.
