Answered on Feb 02nd, 2011 at 6:13 PM
Cosigners are liable for the debts that they cosign for. This is true even if the person that you cosigned for files bankruptcy. In that case, you are left as the only one still responsible to pay the debt. You can try to settle the debt for less or defend a lawsuit, but in the end, if you cosigned for a debt and you do not file bankruptcy yourself, you will be held responsible for the debt.