If you file a straight bankruptcy (Chapter 7) then the creditor can proceed not only against your co-signer, but also any other co-debtor, co-maker, or guarantor according to the terms of the debt agreement. Most times, creditors on co-signed debts will continue to accept payments from the debtor. If, however, you seek relief to repay your debt under a Chapter 13 bankruptcy, an individual co-debtor is afforded protection under bankruptcy law to the extent the plan proposes to repay the debt, and if the debt is a consumer debt.