FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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 account

My child is in University overseas. We opened a joint account so that he could withdraw money for his expenses. That account is overdrawn by about $1500 which is about 2.5% of my overall debt. If I file for bankruptcy, will the bank go after him for the payment and damage his credit rating?. Should I just borrow some money from relatives to bring that account to a no debt situation so that I don`t affect him?

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One Response to “Joint account”

A licensed trustee said...

Based on the information you have provided, I suspect the bank will/would pursue your son for the unpaid debt.

I can’t advise you to borrow from family and friends to repay this debt as that would constitute a “preference” on your part – in other words, you would be treating this debt better than all of your other debts.

I can tell you that if you son decides to borrow money and pay off the debt you will not be held responsible.