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

OUR TEAM ARE AVAILABLE NOW TO HELP WITH COMPLEX INSOLVENCY ISSUES

 

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

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. Something that will not be avoided, however, is the negative impact it will have on the credit files of both parties concerned.

Bankruptcy UK offers a full bankruptcy administration service and will submit your bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129 or for an informal chat about your circumstances.

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Bankruptcy UK

Bankruptcy UK