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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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Bankruptcy and Cosigned Loan

Will the cosignee on a bank loan be responsible for paying the loan if a person declares bankruptcy? Would a consumer proposal make it so that the cosignee would not have to pay the loan and it would not affect their credit rating? Or do they both do the same thing to the cosignee?

Posted from: Ontario

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One Response to “Bankruptcy and Cosigned Loan”

A licensed trustee said...

Regardless of whether you file bankruptcy or a proposal, if some one has co-signed one of your debts then the creditor has the right to contact that person and demand payment from the co-signer after you file.