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How will this affect anybody who has cosigned a loan for me?

He will remain liable for the loan. Your filing bankruptcy does not increase or decrease his liability to the bank because he also promised to pay the bank.

IF you are paying a debt back in a chapter 13 bankruptcy payment plan then the banks cannot try to collect a debt from a cosigner while you are making your payments, BUT if you do not have to pay back all of the debt in the plan then the cosigner is liable for the difference when the case is over and the creditor can go after the cosigner.

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    If its time to start considering a step toward bankruptcy we're here to help. I have been helping people through the process of filing bankruptcy in South Carolina for over 20 years. We are here for you if you have questions.
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  • Can I go to Jail for not Paying my Bills?

    No, not unless you committed a crime in the creation of the debt (for example, fraud). Simply borrowing money and not being able to pay it back is not a crime. Many creditors representatives will tell you lies on the telephone and say that they will have you put in jail. Perhaps they are too ignorant to know they are wrong or that it is illegal for them even to say that. See More Bankruptcy Q&A