question about cosigner
Date: Thu, 09/03/2009 - 15:51
My mom cosigned for a consumer loan with my husband and we know find we have to file chapter 13. What will happen to her credit...i don't want her harmed. thanks
The CII indicator on the credit report is specific to the person
The CII indicator on the credit report is specific to the person, not the debt itself. So the fact that the account is included in a bankruptcy should not of itself show that much on her credit report.
However, is your husbnad going to keep making the payments? If not, and the account becomes delinquent, then it can and will be reported negatively on your mom's credit report. Also if the 13 plan calls for less than 100% to creditors, then after your husband's BK is discharged, the creditor will be allowed to go after your mom for any remaining balance.
Thank you so much..We plan on paying that 100%..You've been very
Thank you so much..We plan on paying that 100%..You've been very helpful!!!