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

When you file for bankruptcy in West Virginia, you may be worried about what will happen to your co-signers. When you file for bankruptcy, any debts you have that you are a co-signer on will be affected. This means that your co-signers may also be legally responsible for some of the debt you owe. Under chapter 7 bankruptcy, all of the debt you owe will usually be discharged. This means that, generally, your co-signers will no longer be held responsible for the debt you owe. However, they will still need to pay off any of the balances you owe if you have already spent any of the loan money. Under chapter 13 bankruptcy, the debt may be restructured into a payment plan. This means that your creditors may still be able to obtain payment from your co-signers if they are not able to receive all of the money they are owed from you. Since your co-signers are legally responsible for any of the debt you owe, it is important to talk to them before you file for bankruptcy. They may be able to negotiate with your creditors and come to a payment agreement. It is also important to seek the advice of an experienced bankruptcy lawyer to make sure you understand all of your rights and responsibilities when you file for bankruptcy in West Virginia.

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

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