While the past bankruptcy would be on her credit record, and that record would be searched during the loan process, there is a chance that the loan could still be approved. Each lender decides what credit score range it considers to be a good credit risk or a poor credit risk and uses this information to decide if it will approve the loan. However, when your friend cosigns for the loan, she is agreeing to repay the loan on your behalf if you do not. In short, she would be legally responsible for repayment, and her name cannot be removed from the loan agreement. No one should ever cosign a loan as a favor to anyone unless they are willing, and able, to repay the loan if the primary borrower does not.
Friendship is probably worth more than the loan, and most financial advisers would strongly suggest not cosigning for a loan, even if it could be approved.
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