Are You a Cosigner Stuck with Someone Else's Debt?

Are You a Cosigner Stuck with Someone Else's Debt?

Have you ever been in the position where a loved one or friend has asked you to be a cosigner for them? That can put one in a tricky situation. Maybe you weren’t given all the facts behind the cosign. Maybe you didn’t see your friend losing their job and are now stuck with their debts. Whatever it may be, if you’re reading this, you or someone you know is stuck with a lot of debt that wasn’t created by them.

So what’s next? If you find yourself in this position unable to pay the debt of someone else it’s time to consult a bankruptcy attorney. As a Las Vegas bankruptcy attorney, I see co-signer debt happen often. It is not uncommon to end up in debt because you agreed to cosign for someone. 

After consulting with a bankruptcy attorney you will learn that one way to eliminate co-signer debt is by filing bankruptcy. Once a person files bankruptcy they will find that their co-signer debt will be completely eliminated. Also, by filing bankruptcy you will no longer be liable for what you have cosigned for whether or not there is debt involved. 

If you find yourself stuck in a similar situation like co-signer debt, reach out to a bankruptcy attorney who can help you go over your financial situation. As a bankruptcy attorney with over 30 years of experience, I know how to help you get back on your feet and help you experience the joys of financial freedom.


Disclaimer: Each business and/or individual situation is different and unique. This article is intended to provide you with general advice only and not to be construed as legal advice. If you would like a detailed approach to your particular situation, please contact David J. Winterton & Associates for a consultation to discuss your options.

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