You will need to schedule your son as a co-debtor.

Answer Applies to: Washington
Replied: 1/19/2012

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As long as your son keeps the payments up, he should have no problems. His credit will only be affected by those things for which he is legally liable. In other words, if his name is on the debt, he'll have to see that it gets paid. But if his name is not on the debt (e.g., your personal obligations), then his credit should not be affected.

Answer Applies to: Ohio
Replied: 12/6/2011

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Your bankruptcy filing will eliminate your legal obligation to pay your debts and those you co-signed for with your son. He will remain legally liable for any debts he is named.

Answer Applies to: California
Replied: 12/5/2011

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It should not affect your business at all so long as his business is not filing bankruptcy.

Answer Applies to: New York
Replied: 12/5/2011

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As long he keeps paying there should be no problem. If there is, he can file a dispute with the credit reporting agencies. It is too late to take your name off the accounts.

Answer Applies to: California
Replied: 12/5/2011

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The creditors will not just let you take your name off. If you file, you must list everybody that you owe money. That would include things that you are only a co-signor on.

Answer Applies to: Texas
Replied: 12/5/2011

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If you are a co-signer, I doubt that the creditor or creditors will allow you to remove yourself from the obligation(s). Filing should not affect a co-signer, unless the creditor(s) feels insecure after your bankruptcy filing and uses that to call a note due and owing in full. I think it is unlikely, but only you know your creditors and the extent and nature of the debt.

Answer Applies to: Texas
Replied: 12/4/2011

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Bankruptcy will not affect your son so long as he continues to pay the debt on a timely basis.

Answer Applies to: Colorado
Replied: 12/3/2011

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You can try to remove your name from them, but often if they relied on your credit to establish they will not voluntarily remove it. But in a bankruptcy your liability and name will be removed from the accounts. This may cause the creditor to cancel or limit his line of credit but often they don't if the bill is current.

Answer Applies to: Utah
Replied: 12/3/2011

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You can't simply take your name off as a co-signer. If you file and if your filing is reported on his credit report, he will simply have to dispute the reportings with the credit agencies.

Answer Applies to: Virginia
Replied: 12/3/2011

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Without more information it is difficult to predict how your BK would effect your son's credit. However, as a co-signer you cannot remove your name from the "paperwork." You are liable for those debts if your son defaults. The lenders are not going to let you off the hook.

Answer Applies to: Colorado
Replied: 12/3/2011

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It is possible that your bankruptcy could be considered an act of default on a joint debt with your son. With regard to credit cards and lines of credit, he may not be allowed to borrow further. Lenders might not be willing to remove your liability for charges that have already been incurred.

Answer Applies to: Minnesota
Replied: 12/3/2011

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Your personal guarantees will be taken off your son's business debt when the creditor or the creditors arenoticed which is part of any bankruptcy filing.

Answer Applies to: Florida
Replied: 12/3/2011

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Any debt that you co signed for will be notified of the bankruptcy filing and your son would also still be liable for that debt. Only you would be discharged of the liability of that debt. And many creditors will not let you remove your name unless the debt is paid to a zero balance.

Answer Applies to: New York
Replied: 12/3/2011

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You cannot just stop being a co-signer. Your filing may very well affect him a great deal, and his business and you need to sit down with a lawyer, share specifics, and determine if you can and should file.

Answer Applies to: Georgia
Replied: 12/2/2011

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If you are a co-signer with your son then you cannot take your name off the loans without the bank's permission and there is no chance of that happening. If the debts owed by you and your son jointly are being paid, then your filing bankruptcy will not affect your son's credit. Your son's credit report will show that the debt is involved in a bankruptcy case (your case since you will have to report that debt in your bankruptcy petition) but if the payments are current then your son's credit score will not be affected and even though you will have no obligation to pay those joint debts, your son will remain liable for those joint debts.

Answer Applies to: California
Replied: 12/2/2011

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Your bankruptcy will not affect him unless your name is on any of his bank accounts and vice versa. If you are merely a co-signer on some accounts, that means you are free from liability on those accounts. He can continue payment on them.

Answer Applies to: California
Replied: 12/2/2011

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As long as you're not the primary applicant of the loans, your son's business won't be affected. It shouldn't even come up in your credit report that you co-signed for those loans.

Answer Applies to: Florida
Replied: 12/2/2011

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There is no guaranty that your bankruptcy would affect the liabilities of your son's business or make creditors less willing to lend to it. But it is always a good idea to avoid being a guarantor or co-debtor. As for how to remove your name , the only way is to restructure or refinance each obligation - and that can be tricky. The key is to make creditors comfortable with the idea of no longer having you as backup. One way is to explain that your financial situation is so weak that you are about to file for bankruptcy. Sp why not let you out of your obligation, right? Another way to convince them might be to point out that the business itself has a healthy cash-flow and is the real engine of repayment. Finally, emphasize your son's own good credit. But even after taking all these steps, it is still up to the creditors to let you out or your obligations.

Answer Applies to: Illinois
Replied: 12/2/2011

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You can file bankruptcy on all debts in your name. The debts you signed for your son will still be in place against him, but your liability for them will be gone. The only concern might be whether you need to co-sign for debts for your son's business in the future. Your credit rating will be affected (either positively or negatively depending on your current debt load) which could affect your ability to co-sign for debts in the future. Your best option is to contact an attorney in your area discuss your situation in more detail. Good luck!

Answer Applies to: Oklahoma
Replied: 12/2/2011

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Your filing will have no effect on his obligatons. Whether the fact that you are no longer co-signer will have an effect on the lenders, I cannot tell without reviewing all of the paperwork on each obligation. He should have someone do that and he also probably should contact each of the lenders you have co-signed on and tell them up front what is about to happen to you. That way he will know if anyone is going to try to accellerate any debt and also they will know that he is still stable and continuing to service his debt.

Answer Applies to: California
Replied: 12/2/2011

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If you are a co-signer and file bankruptcy the primary borrower will remain liable. As long as payments are being maintained this shouldn't affect the co-borrower.

Answer Applies to: California
Replied: 12/2/2011

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