Co-signed loans
A family member has co-signed a loan for me. If I claim bankruptcy or do the Consumer Proposal program what are the ramifications for this family member? Are they stuck with the remainder of the loan?
Posted from: Ontario
A family member has co-signed a loan for me. If I claim bankruptcy or do the Consumer Proposal program what are the ramifications for this family member? Are they stuck with the remainder of the loan?
Posted from: Ontario
Unfortunately, if you do anything other than repay the loan in full the lender has the right to go after your co-signer for the full amount of the loan (less any amounts you have already repaid).