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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

One Response to “Co-signed loans”

A licensed trustee said...

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).