Yes, any US Citizen or Lawful Permanent Resident ... with sufficient income showing on their IRS 1040 forms, can be a joint-co-sponsor.
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There is not enough information to answer your question. We would need to know more information about the friend's income, tax returns, and other financial information.
I suggest that you consult with an immigration attorney to determine whether this person would qualify as a joint sponsor.
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I agree with my colleagues. Any U.S. citizen or Permanent Resident can be a joint sponsor. The fact that he filed for bankruptcy does not necessarily eliminate the person. There are other and more important factors. I'd recommend that you at least set up a consultation with an immigration attorney to evaluate whether or not this person can be an appropriate sponsor. The attorney would ask some important questions and might want to review this person's tax returns, W-2s/1099s, paystubs etc...
The statement above does not create an attorney-client relationship. It is intended as general information only and it is not a substitute for legal advice. You should consult with a licensed attorney to discuss the specific facts and circumstances of your case.