Bankruptcy and co-signed loan

[rascalkc]

What is the name of your state? Nebraska


My mom co-signed a personal loan for me last year. I have too much unsecured debt, and am looking into bankruptcy. I don't want to discharge this loan, or even let my mom know that I'm declaring bankruptcy. Is that possible? Can I keep the loan and keep making payments without it being affected by a filing?

 

[adjusterjack]

You have to list ALL of your debts on your bankruptcy filing. Once the personal loan is discharged it will be public record and may be shown on her credit report as discharged with regards to you and the lender will certainly go after her for the money. You might be able to re-affirm the loan with the permission of the bankruptcy court. But there is probably no way that you can keep this from her for very long.

 

[Zigner]

It's a terrible idea to keep this information from your mom and not give her the chance to protect herself.