Are co-signers responsible for my debts?

A cosigner, by definition, means that you’re responsible for the debt. Sometimes, the banks will refer to a co-signer as a co-borrower, but it’s the same thing. The fact is that two people are responsible for the debt. For example, if you cosigned your brother in law’s pickup truck and he doesn’t make the payments on this pickup truck, and he doesn’t have the money to make the payments, the bank will start calling you, and you will be legally obligated just the same as your brother in law as a signer. A co-signer is not a backup. Anyone who signs the instrument is equally liable for the debts of the other person.