All the other consequences are negative impact, especially as it concerns your credit score.
Before you prepare to file for bankruptcy, keep in mind that the process must be completed in a federal court rather than a state court and can cost several hundred dollars in fees.
Exactly how you proceed depends on the type of bankruptcy you choose to file.
Experts suggest investigating other options seriously before considering bankruptcy.
There were 936,795 bankruptcy filings in 2014, a 12.5 percent drop from 2013.
So when you declare bankruptcy, your co-signer still may be legally obligated to pay all or part of your loan.