How can I protect co-signers from being affected by my bankruptcy?

When filing for bankruptcy in Florida, it is important to consider how it will affect any co-signers. Co-signers are legally responsible for the debt, even though they are not the primary debtor. To protect a co-signer, it is necessary for the primary debtor to list them as a contingent creditor on the bankruptcy paperwork. When filling out the bankruptcy paperwork, the primary debtor should also include an "affidavit of good faith." This document should be signed by the co-signer, and acknowledged by the court, confirming that they are not responsible for the debts that are being discharged through bankruptcy. If the primary debtor is successful in acquiring a bankruptcy discharge, then the co-signer is protected from any liability for the debts under the discharge. However, it is important to note that the creditor can still try to collect the debt from the co-signer if the debt was not discharged. The co-signer can then raise the discharge as a defense if the creditor tries to sue them. By taking the necessary steps to protect a co-signer, the primary debtor can ensure that their bankruptcy filing does not cause any additional financial issues for the co-signer. This can help reduce the impact of the bankruptcy on all parties involved.

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How can I protect co-signers from being affected by my bankruptcy?

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