How Does Defaulting on a Loan Affect Already Bad Credit?

Q: I filed for bankruptcy 5 years ago and recently I co-signed a loan for my son for a car (I know now that was wrong) and the payments are too much for him and me to handle. If I default on the loan how much will that affect my credit since it is already bad? Can they come after my house?

A: It may depend on whether or not the loan included a personal guarantee--which I imagine it does. That means that all or your assets are subject to their claim as a creditor.

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