[Rough Start] Allison, who just graduated from college, wanted to buy a new car. However, she did not have much of a credit history, and the bank would not give her a loan unless she had a cosigner who agreed to be liable on the loan along with Allison. Allison's father cosigned with Allison on her loan at the bank. Allison also wanted to start a real estate business. She needed funds with which to do so. Her boyfriend, Sean, promised the bank, in writing that he would pay Allison's start-up loan for the real estate business if Allison did not do so. Unfortunately, Allison did not make any money in the real estate business. She went bankrupt along with Sean, who had been acting as her receptionist. What is the effect of Sean's bankruptcy, if any, on the debt owed by Sean? Sean cannot assert his bankruptcy as a defense because it is a guaranty agreement. Sean cannot assert his bankruptcy as a defense because it is a suretyship agreement. Sean may only assert the bankruptcy as a defense only if he filed for bankruptcy protection within one year of agreeing to liability on Allison's loan. Sean may assert his bankruptcy as a defense against paying the debt. Sean may only assert the bankruptcy as a defense if he filed for bankruptcy based on excessive medical bills.