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If I co-signed for a debt am I still liable if my partner goes bankrupt?

Categories: Bankruptcy FAQs Bankruptcy Questions Credit and Credit Repair

Yes you are, as loans are taken ‘jointly and severally’ which means both parties are liable for the full amount and not half each.

In an ideal world, both parties would file for bankruptcy simultaneously thus avoiding this, but it rarely happens that way. Having said that, you might be surprised at how few lenders actually enforce their rights. It seems that receiving a letter from the Insolvency Service stops everything dead in its tracks. However, something that cannot be avoided is the negative impact it will have on the credit files of both parties concerned.

Bankruptcy UK specialises in guiding people through the bankruptcy process in a no-nonsense, straightforward manner. We will assess your circumstances then submit the bankruptcy application online. call us for an informal chat about your circumstances and receiving bankruptcy help on 01425 600129.

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