car loan rates bankruptcy
If a co-signer of a loan files Bankruptcy, does it affect the other’s credit rating?
I think the question speaks for itself, but my mother=in-law has a situation where she co-signed a loan a number of years ago for someone’s car. He’s missed payments and basically screwed the whole thing up..and now he is filing bankruptcy. Will this adversley affect my mother-in-law’s credit any more? thanks.
If she has co-signed and the primary borrower has defaulted, she will need to step up and pay. Otherwise, her credit will be dinged.
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