If two people are on the title?

Question

One being the buyer and the other being the co-signer, or both being the buyers, if one were to file bankruptcy is the other person liable, or would they have to file bankruptcy as well.

Answer 1

The names on the title have no affect.  It is the names on the loan that matter.  If both signed the lone and one declares bankruptcy, the other one is still liable and the creditor will go after him for payment.

Answer 2

Talk to a lawyer in that area.  The co-signer is on the hook if you file.  They will have to do what they have to do.  Try and work out a repayment agreement, and let them know, that you will have to file if they don't work with you.  Like they can eat the interest.

Answer 3

Anyone who signed the note for the loan is responsible for the entire loan. If the loan was less than a few years old, it would be presumed that anyone filing bankruptcy within that period had intended to defraud the lender by bankruptcy, and the loan will not be erased by the federal court (as fruits of a crime).  Suggest you get someone else to cover the loan, perhaps on less generous terms, since you already lost the collateral.