Posts tagged "Cosign"

Risk for Cosigner When Bankruptcy is Filed

At one time or another, most people have been asked to cosign a loan. The request is made because the credit of the borrower prevents that borrower from getting credit on their own. When someone agrees to cosign a loan, they are doing more then just lending their credit. They are putting themselves at financial risk in the event the borrower does not pay. For example, if you cosign on a credit card and the borrower files a Chapter 7 bankruptcy and eliminates their own liability, the cosigner remains responsible for the entire debt. In certain circumstances, such as the cosigning of a car loan, if the borrower files bankruptcy but decides to keep vehicle and continue to pay, the cosigner is ok as long as payments are made. However, if payments are not made and the car is repossessed, you are liable for the deficiency. Before you cosign a debt for anyone, know the risks. 

EMAIL US FOR A RESPONSE

Get Our Help Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Locations

Cherry Hill Office
800 North Kings Highway
Cherry Hill, NJ 08034

Toll Free: 800-759-0767
Phone: 856-254-2196
Fax: 856-414-1230
Map & Directions

Philadelphia Office
Suite 1505
1515 Market Street
Philadelphia, PA 19102

Toll Free: 800-759-0767
Phone: 215-928-9199
Map & Directions

Willingboro Office
200 Campbell Drive
Suite 103F
Willingboro, NJ 08046.

Toll Free: 800-759-0767
Phone: 856-254-2196
Map & Directions

Philadelphia Office
7909 Bustleton Avenue
Philadelphia, PA 19152

Toll Free: 800-759-0767
Phone: 215-928-9199
Map & Directions

Maple Shade Office
46 W Main St,
Maple Shade, NJ 08052

Map & Directions

Sicklerville Office
1600 Liberty Place
Sicklerville, NJ 08081

Map & Directions