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Making payments on co-signed credit

I am considering bankruptcy and have a old co-signed student line of credit from my parents along with other debts. If I file, I know they will be held responsible for the debt but I do not want this and I also do not want them find out about my bankruptcy. Is there any solution to this? Can I have my wife to continue making payments if I am not permitted to?

Posted from: Ontario

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One Response to “Making payments on co-signed credit”

A licensed trustee said...

If your name remains on the debt at the time you file for bankruptcy then you will be required to include it on your list of creditors and they will be notified about your bankruptcy. As soon as they are, I suspect they will contact your co-signers and remind them of their obligation to pay the debt.

If you wife decides she wants to make those payments on your co-signer’s behalf then she is free to do so. Just make sure she has the income to support the payments. (If she has no income the Court will rightly assume the money has come from you and that will get you into trouble).