How does it affect my credit if my co-signer declares...

[flynn]

...bankruptcy? I signed for a credit card when I was 17 - my parents co-signed. They have since racked up thousands of dollars in debt against me without my authorization due to a lost job, financial problems, etc. I'm going to try and have them declare bankruptcy rather than repay their co-signer debt. How will this affect my financial situation? Is filing for bankruptcy very expensive?Yeah i didn't lie about my age - in fact i didn't think i needed to add this detail but the CC company told us you can take out a card whenever you want - as long as you had a co-signer. My friend had one at 16.

[irspecialbb]

You do not want to file for bankruptcy if you are the main card holder on a credit card. you would be better off trying to settle the debt with a company. The bankruptcy can stay on your and your parents credit for anywhere between 7-10 years and depending on if its chapter 7 or chapter 13 bankruptcy, you will have to pay it off anyways, or you will have to liquidate your assets in order to pay it off. Look into debt settlement companies, you would end up paying less then what is actually owed and it is much better then bankruptcy because some companies don't show up on your credit as 3rd party interventions.

[fred333]

That is some great advice.

[London]

debt settlement companies are a joke. anything they do you can do 10x better if you are even a half descent communicator. go on youtube and punch in "negotiation", watch some vids, gets some knowledge, pick up the phone, and start cutting deals with these creditors. It's that simple and I promise you that you will feel 10x better knowing you were able to deal with this issue yourself.

[jjgross]

Originally Posted by flynn

...bankruptcy? I signed for a credit card when I was 17 - my parents co-signed. They have since racked up thousands of dollars in debt against me without my authorization due to a lost job, financial problems, etc. I'm going to try and have them declare bankruptcy rather than repay their co-signer debt. How will this affect my financial situation? Is filing for bankruptcy very expensive?Yeah i didn't lie about my age - in fact i didn't think i needed to add this detail but the CC company told us you can take out a card whenever you want - as long as you had a co-signer. My friend had one at 16.

If they declare bk since your a joint user your on the hook and sooner or later they'll come after you.the debt will be discharged for them not you.So you better see a lawyer.

[Trish]

Hold a sec....
17? I don't think you can be financially responsible for debt until you're 18....

You may want to at least talk to an atty like jj said. Since you were 17 when you applied, you may not be responsible.
See if you can be removed from the credit card. You can always try calling the company and explaining the situation to them first.

*just a side note - I realize London here is digging up old BK posts since the original poster started this thread 9 months ago and hasn't been back since........but hopefully anyone with a similar situation will see these answers.