FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

Hidden

What's the best time to contact you?*

Location*

What city do you live in?*

Hidden

Source

How can we help you?

Name

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

Consumer Prop. with Co-signer

I just want to clarify something…
One of my debts was co-signed by my father. Is there any hope of getting this in a consumer proposal or is the bank able to get out of this and collect from my father (even if over 75% of creditors agree with the proposal)?
Thanks

Posted from: British Columbia

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “Consumer Prop. with Co-signer”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you file a consumer proposal you must include the co-signed loan and will be cleared from it by the proposal. However, the proposal won’t release your father from the debt. When your father signed on the loan he verified that whatever happens to you he would ensure the loan was paid in full. So there is no action you can take to clear a debt that is in his name. The only thing you can attempt to do is have the bank remove him from the loan, but it is doubtful the bank would consider doing that.