What will happen to my co-signers if I file for bankruptcy?

If you file for bankruptcy in the District of Columbia, your co-signers may be affected depending on if the debt you owe is joint or if the debt is solely in your name. Joint debts are obligations that are owed to creditors by two or more people who are equally responsible for the debt. If you file for a joint debt, your co-signers may be required to pay the debt that is not discharged, or forgiven, in the bankruptcy process. If a debt is solely in your name, then it is up to the creditor to decide whether to pursue your co-signers for payment. In some cases, creditors may pursue your co-signers for payment even after you have filed for bankruptcy. The creditors could get a judgment against your co-signers and garnish their wages or take other measures to get the money they are owed. To protect your co-signers, it is important to talk to them before filing for bankruptcy and discuss how filing for bankruptcy may affect them. You may also consider signing a Reaffirmation Agreement with your creditors. This is an agreement that states that you will repay the debt even after filing for bankruptcy. This can help protect your co-signers from being held liable for the debt. In summary, if you file for bankruptcy in the District of Columbia, the impact on your co-signers will depend on whether the debt is joint or solely in your name. If the debt is joint, your co-signers may be required to pay the balance that is not discharged. If the debt is solely in your name, your creditors may choose to pursue your co-signers for payment. You can talk to your co-signers beforehand and consider signing a Reaffirmation Agreement to protect them.

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What will happen to my co-signers if I file for bankruptcy?

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