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Co-Signed Student Credit Line

I do not have a Government Student Loan, but I do have a Student Credit Line through my bank which was cosigned with my father. Is there anything I can do to take over the debt and declare bankruptcy without forcing my father to pay the remaining $20,000+ on my loan afterwards?

Posted from: New Brunswick

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One Response to “Co-Signed Student Credit Line”

A licensed trustee said...

There are two ways to get your father’s name off of the line of credit:

(1) pay off the debt in full – this is often done by borrowing a new loan that he hasn’t co-signed

(2) get the bank to agree to drop him from the line of credit

If you are currently in financial difficulty then neither is likely… Sorry, but if you don’t repay the line of credit your father will have to.