http://www.bankruptcy-canada.ca/bankruptcy/2008/09/guarantor.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 12:55:28 +0000 hourly 1 http://www.bankruptcy-canada.ca/bankruptcy/2008/09/guarantor.html#comment-58126 Barton Goth - Goth & Company Inc. - Bankruptcy Trustees Tue, 30 Sep 2008 13:11:30 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2008/09/guarantor.html#comment-58126 As a guarantor, by signing on that guarantee, you have essentially said that you guarantee that the debt in question will be paid in full, no matter what. So yes, you are fully responsible for the shortfall in the lease (the person who gave the vehicle back and filed for bankruptcy has been legally cleared of ths debt) and the lease company will chase you untill the outstanding amount is satisfied in full. As a guarantor, by signing on that guarantee, you have essentially said that you guarantee that the debt in question will be paid in full, no matter what. So yes, you are fully responsible for the shortfall in the lease (the person who gave the vehicle back and filed for bankruptcy has been legally cleared of ths debt) and the lease company will chase you untill the outstanding amount is satisfied in full.

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