The Complete Book on Bankruptcy

By respected consumer bankruptcy attorney

Peter Francis Geraci J.D.

Chapter 1
How to have a Stress-Free Bankruptcy

Chapter 2
What is Bankruptcy

Chapter 3
What causes people to need Banruptcy Relief

Chapter 4
What is the procedure?

Chapter 5
When you should consider Chapter 7 or Chapter 13 plans?

Chapter 6
What can Bankruptcy do for you?

Chapter 7
Common Misunderstandings about Bankruptcy

Chapter 8
Is Bankruptcy Bad?

Chapter 9
What does Bankruptcy cost?

Chapter 10
Can I file without my spouse?

Chapter 11
Does my Employer know if I file Bankruptcy?

Chapter 12
Do I lose anything?

Chapter 13
Does Bankruptcy "Ruin my Credit"

Chapter 14
Can I keep bills off my bankruptcy

Chapter 15
Bills or property in someone else's name or posession

Chapter 16
What about the Credit Union?

Chapter 17
Co-Signers

Chapter 18
What about my car?

Chapter 19
What about my House?

Chapter 20
When do creditors stop bothering me?

Chapter 21
What are Cross-collateralization Agreements?

Chapter 22
Joint Accounts with Parents

Chapter 23
When do I stop paying creditors?

Chapter 24
Gas, Electric & Phone Bills

Chapter 25
Bankruptcy & Divorce, Alimony & Child Support

Chapter 26
What Bankruptcy won't solve

Chapter 27
Chapter 13 Debt repyament Plans

Chapter 28
Will I be able to get credit again?

Chapter 29
Bill Consolidation Loans

Chapter 30
Bill Consolidation

Chapter 31
Wage Assignments, Deductions and Levies

Chapter 32
Student Loans

Chapter 33
Can I get rid of Taxes

Chapter 34
NSF Checks, Traffic & Parking Tickets

Chapter 35
Surrendering Real Estate & Time Shares

Chapter 36
Business Bankruptcy

Chapter 37
Professional Persons

Chapter 38
Do you ever "Not Get" a Discharge?

Chapter 39
About Geraci Law LLC and Peter Francis Geraci

Chapter 40
Who is the best Bankruptcy lawyer near me?

Chapter 41
What if I need a Bankruptcy lawyer near me?

CHAPTER #17 CO-Signers

Talk to your co-signer. You had to have them guarantee that you would pay your loan, so they signed your loan papers. You may want to pay that loan to protect your co-signer. Your co-signer might say, "Go ahead and file Chapter 7 and I will pay this one off for you" or "I filed bankruptcy myself, so don't worry, I already got rid of this debt."

You can also file Chapter 13 and pay a co-signed debt to protect your co-signer. You can file Chapter 7 and still pay the co-signed debt to protect the co-signer. Or you can file either and let the co-signed decide what to do if the creditor goes after them on their guarantee.

Whenever a lender wants a co-signer, they don't trust the person that wants the loan. Therefore, someone has to agree that if the person who is getting the money does not pay, that the co-signer will make the debt good, and take up the payments.

If you are the person who signed to pay if your friend or relative didn't you may complain if you are called upon to pay the loan that your friend or relative got. In fact, it may push you over the financial edge.

Therefore, if you have a lot of bills, and now have a problem because of a co-signer, you will want to include that co-signed loan in your list of bills when you come in for your first interview.

If you co-signed, you probably did not want to pay the other person's loan. In a Chapter 7, you will discharge your liability for the loan. In a Chapter 13, you can set up a special class for co-signer loans, and pay them or not pay them, as you wish.

If other people co-signed for you, you may want to protect them. In a Chapter 7, you will probably want to pay loans that other people co-signed for you on, so that you are protecting your co-signers. Just keep on paying those loans, despite your Chapter 7, if you want to protect your co-signers.

In a Chapter 13, if you want to protect your co-signers, you can set up a special class of creditors for co-signer loans, and propose to pay the co-signer loans ahead of other loans.

Example: Tim works at the Post Office and has 3 co-signers for his credit union loan. The credit union is taking $200 per paycheck out of his check, and Tim has a car payment of $329 per month, and a bunch of other bills, so he needs debt relief.

The Peter Francis Geraci Chatper 7 or 13 SolutionTim files a Chapter 13 to pay his car and co-signer loan 100%, and can pay his other creditors after the car and co-signer loan are paid. He can also just get rid of all his debt in a Chapter 7, but continue paying the car loan and credit union loan. He will "reaffirm" the car loan, but will not sign a reaffirmation on the credit union loan. He will pay the regular payment on the credit union loan, re-authorizing his payroll deduction.