April 3rd, 2013 by Questions
I’m considering bankruptcy but I have a co-signer on a line of credit and I’m concerned about how it may affect him.
What will happen?
Posted from: Ontario
April 03, 2013 at 8:43 pm, A licensed trustee said:
The co-signer will be held responsible to repay 100% of the debt. The polite thing to do is call them and warn them that you are about to file so they can contact the lender and confirm payment terms… Otherwise the lender may simply demand payment in full when they receive notice of your bankruptcy.
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