Can a Co-signer be liable for debts discharged in a Florida bankruptcy?

This is a common question that is asked by people who are looking to file for bankruptcy in Florida.  Their main concern is that their friend/relative/neighbor/etc. co-signed on a debt that the client will be discharging in bankruptcy.  So they will always ask, will my co-signer be liable for the debts that I am discharging in bankruptcy?  The answer is Yes, the bankruptcy will only discharge the personal liability of the person who files, not co-signers, whose obligations remain.  What does this mean for the person who is filing, not much because they will likely be able to discharge their debts through the bankruptcy, however their bankruptcy will likely have an adverse effect on the co-signer.

If you are thinking of filing for bankruptcy and would like to schedule a free consultation with a local bankruptcy lawyer then please  contact Shmucher Law, PL by calling 305.741.5553 or 954.309.5559.  We offer free one hour consultations in any of our office locations including Boca Raton, Fort Lauderdale, Miami, Plantation, and Sunrise Florida.

 

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