if you have 2 people on auto loans and personal loans , and 1 party files bankruptcy. does the 2nd party become responsa

Question

Lindley, NY asked on November 8, 2018 in Bankruptcy for New York

Karra Kingston · Answer

Yes if you took them 
Out together and one filed the other person will be liable

Timothy Denison · Answer

Yes

Michael David Siegel · Answer

The second party was always responsible, even if the other typically paid. As the only non-bankrupt, the second party will definitely be liable.

Leonard R. Boyer · Answer

Any remaining party would be the only one obligated to pay the loan. The other party would be the only one liable. THIS IS NOT LEGAL ADVICE!  YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.

Jonathan David Warner · Answer

Actually, the second party would have been responsible from the very start - co-signing a loan results in immediate liability for payments, regardless of whether they're being made by someone else or not. If you cannot make the payments after your co-signed party defaulted, you may qualify for bankruptcy relief. Your next best step will be to reach out and consult with a bankruptcy attorney in regard to this matter. 
 
Good luck.

Q: if you have 2 people on auto loans and personal loans , and 1 party files bankruptcy. does the 2nd party become responsa