Lots of clients come to my office and they have debt on their credit report that someone else has co-signed for, examples are cars and credit cards. When the person files for bankruptcy he must list any co-signer on his/her bankruptcy petition to give the other party notice of the bankruptcy filing. The person who is filing will likely have that debt discharged (wiped out in the bankruptcy).
If you are the person who co-signed the debt for the person that filed for bankruptcy, you will still be liable for that debt. What that means is that the creditor will likely now turn to you to collect the monies owed. This will likely mean frequent calls from debt collectors in an attempt to settle the debt and or eventually a lawsuit against you.
If you are thinking about filing for bankruptcy and would like to schedule a free consultation with a Southern Florida bankruptcy lawyer in any of our office locations:Miami, Plantation, Boca Raton, Fort Lauderdale, or Sunrise , Florida then please contact us at 954.309.5559 or 305.741.5553.