co signer filing bankrupcy help!!!

Date: Wed, 01/14/2009 - 20:16
Submitted by on Wed, 01/14/2009 - 20:16
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hi i have a co signed credit card with my mom she is the co signer she is going to file bankrupcy and becase she used the credit card she is going to include it in the filing i was wondering how this is going to afect my credit and if there is any thing i can do about this ?other than this my credit is perfect thnakx for the help.


Honestly, I dont think you will have that much to worry about, because even with her bankruptcy, there is a different code for a co-signed account than for a co-buyer. And, even if your credit score were affected, you could very easily use your credit report to illustrate what happened. lenders and credit granters understand the different codes and such on credit reports, so they are likely to see what happened. A co-signer is not actually a joint debt holder--thats a co-applicant or co-buyer. A co-signer is only there as backup to reassure the creditor that they will be paid. For example, let's say you bought a car and your mom co-signed on that loan. your mom has no legal claim to the car. She only promised to pay the bill if you do not. That does not in any way give her the same right to the car that you have. For that, she would have had to be listed as a co-buyer on the loan.


Submitted by skydivr7673 on Thu, 01/15/2009 - 15:56

skydivr7673

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Keep paying on it and don't let it get delinquent. It shouldn't affect your credit. The CII indicator (that shows included in a bankruptcy) is specific to the debtor, not the account. They can report on her credit report that she went bankrupt on the debt, but should not report bankrupt on your credit. If they do, dispute it.


Submitted by DebtCruncher on Thu, 01/15/2009 - 16:59

DebtCruncher

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