Which bankruptcy offers co-signer stay?
Date: Tue, 05/03/2011 - 03:42
Which bankruptcy offers co-signer stay?
My total credit card debt amount is $100,000. As you can understand, the amount is quite huge. It is just impossible for me to pay the amount. So, i have decided to file bankruptcy. The only problem is, my cousin brother co-signed for the card on which I incurred debt. I just don't want him to suffer for my mistake. So, my question is, which bankruptcy will be better for my cousin brother? Will it offer any kind of protection to him?
I think it will be better if you file Chapter 13 bankruptcy.
I think it will be better if you file Chapter 13 bankruptcy.
Your cousin and brother are simply just as responible for the de
Your cousin and brother are simply just as responible for the debt as you are. The only bk that offers the protection of a "co-debtor" stay is a Chapter 13. HOWEVER, a creditor will simply obtain releif from that stay in order to go after your relatives UNLESS your Chapter 13 Plan provides for full payment of the obligation that has a co-signer. See 11 USC 1301.
Des.
