co-debtors

Shared loan partners

Co-debtors are people who share responsibility for the same debt.

When multiple parties sign a loan or credit agreement together, each becomes a co-debtor, equally liable for repayment: Both spouses were listed as co-debtors on the mortgage.

If one co-debtor defaults, creditors can pursue the others for the full amount.

legal

cosigners

Additional signers sharing liability

guarantorsThose who pledge repayment
promissory noteWritten debt obligation
defaultPreset standard option

creditor · collateral · indemnification · contribution · subrogation · mortgage · judgment · release · severability · foreclosure

financial

loan agreement

Document governing borrowed funds

credit applicationForm to borrow money
repaymentGiving back what's owed
interest rateCost of borrowing money

installments · refinancing · consolidation · credit score · lender · borrowers · amortization · principal balance · delinquency · payment schedule

relational

spouse

Married partner

business partnerCo-owner in enterprise
family memberPerson connected by blood
joint accountBank holding with co-owners

divorce · separation · estate · inheritance · domestic partnership · marriage · ex-partner · sibling · parent · adult child

co-debtors

cosigners

loan agreement

spouse

co-debtors

Opposites

Categories

Family