Here is a law question - Can a loan with two different signers be excluded from bankruptcy?

Answer by  patti (29325)

If you have a loan that includes a co-signer, the loan may be eligible for exemption from the bankruptcy or you may be able to reconfirm after.

Answer by  patti (29325)

If one signer files bankruptcy, repayment becomes the responsibility of the remaining signer. The bankrupt person can then reaffirm certain debts, but should consult with the attorney first.

Answer by  Bob98 (100)

A Federal bankruptcy court can make any decision concerning a loan in a legal proceeding. The only question the court must decide in this case is what are the specific facts of this case. Two signature on a loan do not in themselves prohibit the court from excluding a loan in bankruptcy.

Answer by  palaeologus (564)

Bankruptcy cases only address the filing debtor's obligations. If a nonfiling debtor is also obligated to pay a debt, that obligation is not affected by the bankruptcy case.

Answer by  jeroboam (185)

If two people are equally responsible for paying a promissory note, the first signer's having filed for bankruptcy protection has no effect on the second signer's liability. The second signer might have a contribution claim against the first signer in the bankruptcy court, but that claim has no practical value.