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Monday November 23, 2009 10:31 AM ET
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Owing on a Cosigned Loan
I cosigned for a loan, and the person I cosigned for is now filing for bankruptcy. What can I do?
 
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Posted 9:44 AM EST March 03, 2009
Posted by: dougofte
Unless you have set aside the total amount of the loan do not ever co-sign for a loan.
If you do not have the total amount of the loan set aside you then have an unfunded liability.
This liability may or may not show up on your credit report, depending on the lender. If it does, your credit score will be affected. If it doesn't, well, you may be in for a surprise someday in the not to distant future.
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