Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Bankruptcy
Profile Image

Question By
Ymoni

0 Contributions
0 People Helped
Cosigned, and he filled bankruptcy.
I am a cosigner on an account where the primary acct holder has filed for chapter 13 bankruptcy. Now that this acct is in bankruptcy, how does this affect me as the cosigner. I learned from the creditot that the account was sent to bankruptcy. I would not babe know this otherwise as i have no communication with the primary account holder. Would the primary account holder have required my consent or permission to send this account to bankruptcy?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1136 People Helped

No, they would not require your permission. They should have let you know though. About the only thing you could do to protect your credit would be to contact the lender and pay off the account if it is not already in negative status. I would assume that the lender will come to you for the money sooner than later.

Top Contributor
7368 Contributions
3809 People Helped

You have no communications with the party you co-signed for?  Please don't ever co sign again, especially under such circumstances.  Protect yourself by realizing that, if someone needs a co-signor, their credit is lousy and they would drag you down, too. Unless you have lots of money to give away??

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.