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Filing bankruptcy? How to protect loved ones who cosign loans
Filing bankruptcy? How to protect loved ones who cosign loans

Wanda says her daughter is the cosigner for two auto loans. Wanda also is considering a bankruptcy filing. She asks: Will seeking bankruptcy protection affect her daughter's credit? Answer: It could. Bankruptcy filings can be tricky, especially if your finances are intertwined with those of others. It's often wise to consult a bankruptcy lawyer before making any such move. ASK LAZ: Smart answers to consumer questions That said, here are some general pointers: A Chapter 7 bankruptcy halts debt collectors in their tracks, but it doesn't extend that protection to cosigners. So in that case, Wanda, your daughter's credit can be jeopardized if she doesn't make...

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