Chapter 7 Bankruptcy

01 Mar The Fate of Co-Signed or Guaranteed Debt in Bankruptcy

If any of your debts have been guaranteed or co-signed by a friend or relative, your bankruptcy filing could damage your friend or relative's credit. Lenders, whether automobile finance companies, credit card lenders, mortgage lenders or any other type of credit grantor, are in the business of evaluating and managing risk. If your credit profile has been poor for a while, you may have been asked by the credit grantor to find a guarantor or co-signer.
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