Whether Your Cosigner Is Affected By Your Bankruptcy Will Depend On Different Factors
As with so many legal issues, the answer to the question of whether your bankruptcy will affect your cosigner’s credit report and score is, “it depends”.
As the filer, your bankruptcy will be reflected on your credit report in two ways. First, your bankruptcy will appear on the report as a public record for 10 years from the time you file a chapter 7, or seven years from time you file a chapter 13. Second, the status of each account will also be listed on your credit report.
While your cosigner’s credit report won’t show that he or she filed bankruptcy; however, if the account is delinquent, your cosigner’s credit report will also show a delinquent status. Of course, a cosigner’s credit score will be affected by any account that shows anything other than it being current. It’s important to consider this factor when you file bankruptcy and make sure you talk with your cosigner before you file (or shortly after) to make sure they understand the status of those accounts.
We would be happy to answer any questions you have about bankruptcy, including how it will affect your credit score. We offer free, no-obligation consultations with an experience bankruptcy lawyer. You can schedule an appointment by calling 303.331.3403 or by using our online scheduling system.
