Cosigned loans may be repaid after a Chapter 7 is completed so the cosigner’s credit is not damaged. Often the loan will be left solely in the name of the cosigner and payment arrangements are made informally between the cosigner and the person filing bankruptcy so that the payments are made on time. The bankruptcy case should not be reported on the cosigner’s credit report in any way that suggests the cosigner is filing for bankruptcy. Federal law requires that any errors on the credit report be corrected if you send a dispute letter to the credit reporting agency who must respond within a reasonable time and make corrections. A Chapter 13 payment plan may pay a cosigned loan in full with the contract rate of interest. This normally satisfies the lender such that no harm is done to the cosigner’s credit.
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