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bankruptcy

I am way over my head in debt. I owe visa 10000 plus interest, bank overdraft over 2000 and 13000 on a car loan. I crashed the car and didn`t have insurance. I took the car to a garage to see if it could be fixed but couldn`t afford it. i now owe the garage storage fees as well. some of these debts have already gone to creditors. i had a friend cosign for my car loan. if i file bankruptcy will they go after him for the money? is there any way to avoid that? i feel guilty enough i don`t want to worry about having damaged his credit as well. help!!!

Posted from: Ontario

One Response to “bankruptcy”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

In terms of a cosigner, anytime you are not paying for the debt as originally contracted they will go after the cosigner and the filing of a bankruptcy is no different. If you file for bankruptcy your name will be legally removed from the contract and they will focus their attention of the cosigner as they are legally liable for the full balance of the debt.