If I Get a Cosigner for My Private Student Loans Will It Hurt Their Credit If I File Bankruptcy? – Melissa

“Dear Steve,

Thinking about getting a cosigner for a small private student loan, theyre worried about the possibility that their credit will be affected if I ever file bankruptcy, which is highly unlikely, but I know in that case I will have to and plan on always paying my student loans anyways so I dont think it would affect them since they would only be cosigning on the student loans which will always be paid even in the event of a bankruptcy.

If you file for bankruptcy and discharge your credit card loans but continue to pay your student loans will the credit score of your student loan cosigner be affected?


Dear Melissa,

The answer to your question is YES! If you file bankruptcy the loans will become the sole responsibility of the co-signer. It is possible, even though the loan will not be discharged in bankruptcy that a mark could be made on their credit report that the loan was included in bankruptcy if you ever filed.

More alarming for you is the issue of the private student loan. They are the worst type of debt you can owe these days. Worse than a payday loan. If you are going to get a student loan get a government backed loan so if something happens you have repayment options and solutions. With a private student loan, you have few, if any.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

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