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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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joint debt

If one is in financial distress and has only one unsecured shared joint debt, can the co-signor pay off that balance before a bankruptcy or proposal is made by the other person to preserve the good status of their own credit rating?

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One Response to “joint debt”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

There is no problem with the cosigner paying off the balance of the account as long as none of the money paid comes from the individual filing the bankruptcy or the consumer proposal.