We have many clients asking whether their co-signers will be impacted by bankruptcy. The answer is, it depends. As you may know, there are certain debt that is not dischargeable, such as a student loan. However, many consumer debt is.
In a Chapter 7, your debt is being discharged, but your co-signers debt is not. This is because a Chapter 7 completely wipes out most debt (with certain exceptions). In that case, your co-signer will be responsible for repaying the full value of your loan.
In a Chapter 13, you are re-organizing your debt. That is, you are working out a payment plan that will include a portion of your loan. In that case, your co-signer will most likely not be responsible for repaying your loan.
It is important to evaluate your case fully to determine what rights you have toward third parties when you file for a Bankruptcy. Being fully informed about your options is the first and most important step in your journey. Our New York and New Jersey Bankruptcy Attorneys will guide you through each step, not only making sure we answer your questions, but ensuring that you are asking the right questions.很多客户经常询问我们破产申请对于其联署人的影响。该问题的答案要以情况而定。有些债务，如学生贷款等是无法免除的。但是很多消费者债务是可以被免除的。
在第七章破产中，你的债务可以被免除，但是您的联署人的债务不能被免除。这是因为第七章破产解除了您大部分的债务。而在此情况下，您的联署人将为您的债务负责。
在第十三章破产中，您重组债务，执行新的还款计划，偿还一部分欠款。在这种情形下，您的联署人一般不对您的债务负责。
在申请破产前，您需要将案件仔细评估以决定您对第三方享有的权利。我所的纽约州和新泽西州破产法律师将引导您完成每一步，我们不仅会确保问您解答疑难，而且会帮您理清思路。
