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mylilacs

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A friend of mine asked that if he has a co-signer on a loan, what happens if he files bankruptcy?
He cou;dn't get a loan of his own scores, so he asked a friend co-sign for him on a personal loan. Now he's lost his job, and has no wa to pay it back. He wantsto know what it will do to his frien if files bankruptcy?

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that friend that co-signed for the loan is legally responsible in the event said individual defaults......so if i'm understanding this correctly the primary holder is filing bankruptcy which in turn means your friendscredit score is going to plummet because the primamry holder failed to pay his loan.....THIS HAS BEEN KNOWN TO DESTROY FRIENDSHIPS/FAMILIES NEVER CO-SIGN FOR SOMEONE ELSE

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