September 29th, 2008 by Questions
I guarantor a person to a leased car, he returned it voluntarily and he filed bankruptcy. How does this affect me? Can the leasing company chase after me?
Posted from: Ontario
September 30, 2008 at 9:11 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
As a guarantor, by signing on that guarantee, you have essentially said that you guarantee that the debt in question will be paid in full, no matter what. So yes, you are fully responsible for the shortfall in the lease (the person who gave the vehicle back and filed for bankruptcy has been legally cleared of ths debt) and the lease company will chase you untill the outstanding amount is satisfied in full.
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