Is co-signer liable?

[Thomas]

Is a co-signer liable for a loan when the primary borrower filed bankruptcy on that account?

[greeneyeddevil]

Yes, of course - that's the whole idea behind having a co-signer - they agree to fulfill the terms of the agreement if the primary party should be unable to, for whatever reason.

[mickiinpodunk]

Yes. The co-signer gauranteed the loan.

[beowolf72]

Yes, a Co-signer is liable for the loan if the primary signer defaults on the payments.The only way you can be 'off the hook' for the payments is if the Lender takes you off the agreement. Which in this case, they probibly won't.

[caramelcamilla]

I would never co sign for anyone to get anything. that is like taking out a loan for yourself - you are held fully responsible. if a person can't get something on their own merit, they aren't going to talk me into helping them co sign to get it and potentially ruin my credit! But to each his own!

[april]

yeppers. dont ever co-sign a loan unless you're married to that person. the whole reason a company wants the buyer to have a co-signer is so that they will get their money one way or another. and since the buyer is claiming bankruptcy, then you'll have to pay for that item. the only up side to all this madess is that once you have paid for it, then its actually yours. so for your sake, i hope whatever you co-signed for it something really nice and you have dreamed of owning it for many many years.

[tstadler4277]

Yes, of course.