hello - we have a personal/private loan signed,is the second party (borrower) responsible for entire debt if borrower/co-borrower goes bankr...

Question

hello - we have a personal/private loan signed,is the second party (borrower) responsible for entire debt if borrower/co-borrower goes bankrupt? And/or does it depend on how the cntract is written

Answer

Each person who signs a loan is jointly and severally responsible for repayment. If one of them goes bankrupt, the other is still responsible. This is general principle in contract law.