daughter filing chapter 13, what is our responsibility on her loans that we cosigned?
Answer
Your end of it should be dischargeable in your own bankruptcy as a parent loan where you didn't receive the money directly http://www.anderslawonline.com
Answer
You should consider chapter 7, where most people pay nothing, rather than chapter 13, where you might still need to pay a percentage of the obligation (anywhere from 5% to 100%, depending upon your income). Failing that step, the creditor will certainly come after you, unless your daughter reinstates the loan and does everything which she is supposed to do in the chapter 13. If she has already lost the collateral for the loan (i.e., a car or a house), however, her chapter 13 plan might pay little or none of it, increasing the amount of your responsibility. You need to consult with an experienced bankruptcy lawyer right away, since time limits are short for filing claims, etc.,in you daughter's bankruptcy case, regardless of whether you want to file or not.
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