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CHAPTER 7 AND COSIGNOR

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Anonymous
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CHAPTER 7 AND COSIGNOR

Hello we filed chapter 7 and it was discharged last year. We had a business that was a S-Corp a business partner signed with us on a lease. The business was included in bankruptcy my husband and I also filed personal chapter 7 along with the Corporation. The company has decided to go after the business partner. Can they make the business partner pay even though the Corporation filed bankrupt?

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Anonymous
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Re: CHAPTER 7 AND COSIGNOR

Yep. That's the danger of being a co-signor -- EVERY name on the contract is equally liable. Look at it from the landlord's apparent point of view: you wouldn't have gotten the lease without the co-signor (or a second guarantor wouldn't have been required). Thus, in the opinion of the landlord, that co-signor guaranteed the lease. Now, it's time to collect on that guarantee.

Message Edited by oldhack62 on 12-30-2009 08:19 PM
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