Debt doesn?t just consume one person at a time, in the event there is a co-debtor, (and several of your debts include co-debtors). Also known as co-signors, the people who sign with you on a debt are often family members and the closest friends you have.
By signing a legal document guaranteeing that your debt would be paid, the co-debtor is now in a precarious situation as you file for bankruptcy.
If your goal is to wipe out as much of your debt as possible, as quickly as possible, Chapter 7 would be a good choice. However, under Chapter 7, co-debtors are not protected. If you receive a Chapter 7 discharge, you would no longer have any legal responsibility to repay the debt that was also signed by your co-debtor. But creditors would then be able to collect from the co-debtor.
The only way to protect a co-debtor is to file a Chapter 13 repayment plan, although that virtually guarantees a 60-month schedule to pay your disposable income, after necessary expenses, to your creditors.