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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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I am a Co-signer of a loan

I am a Co-signer of a loan, actually two car loans what happens to these if I go bankrupt?

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One Response to “I am a Co-signer of a loan”

A licensed trustee said...

It will depend on the current status of the loans and the other borrowers. Normally, if the payments are current and their are no issues with the borrower the loans should not be affected.

The best approach to this situation is to warn the borrowers that you co-signed for of your intention to file for bankruptcy so that they may contact the lender(s) and confirm the status of their loans BEFORE you actually file. This way there won’t be any unpleasant surprises…