How Bankruptcy Affects Co-Signers
While bankruptcy tends to be a very personal matter, it can affect the people you work with or the people you love. If you live in Missouri and are considering filing for bankruptcy, it is important that you speak with an experienced St. Louis bankruptcy attorney to help you understand how your bankruptcy will affect you and those around you.
At The Law Office of James B. Day, LLC, attorney James B. Day has spent his entire legal career handling bankruptcy matters. He has not only represented creditors and debtors in bankruptcy proceedings, but he also worked as a bankruptcy trustee for eight years. His experience can be key in helping you understand the implications of your bankruptcy filing. Contact us today if you need financial help or assistance understanding your debt relief options.
Joint Co-Signers on Loans
Individuals who file for Chapter 7 or Chapter 13 bankruptcy often worry whether their filing will affect the credit of any co-signers they may have on the loans they are looking to discharge. When it comes to co-signed loans, there are two main points to understand:
- Your bankruptcy should not affect the co-signer's credit.
- Unless you want to keep the asset and you reaffirm the debt, your co-signer becomes 100 percent responsible for the obligations under the loan.
It is highly important that the co-signer on your loan contact the creditor agencies after your bankruptcy has been finalized to ensure that your bankruptcy does not appear on his or her credit report. That way, if any errors have been made, they can seek to repair the credit reports quickly.
Contact The Law Office of James B. Day, LLC
Our law firm can help you understand how your bankruptcy will affect you and those around you. Contact us to schedule your free consultation by calling (314) 786-1218.