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If the main borrower’s personal debt is discharged in bankruptcy, the co-signer’s liability will remain unless the co-signer also documents for bankruptcy.Varieties of Personal Bankruptcy If you choose to commence with private bankruptcy, you will have two forms to pick from: Chapter 7 or Chapter thirteen. They differ generally in what happens
You furthermore may should consult a bankruptcy legal professional about regardless of whether to file. A lawyer can recommend on which within your debts could be addressed by way of bankruptcy, and regardless of whether to file Chapter 7 bankruptcy (often known as liquidation bankruptcy) or Chapter 13 bankruptcy (called reorganization bankruptcy).
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