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

"*" indicates required fields

Comments

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

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

repossession

what as a cosigner happens when the lender defaults and a car is repossesed

Posted from: Alberta

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “repossession”

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

Essentially as co-signer you are equally responsible for the default. So after the vehicle is seized, it will be sold, the proceeds applied against the loan and any remaining balance (shortfall) you and the other debtor are fully responsible for.

At this point the creditor will look to the both of you to see that the debt is satisfied in full as this is what would have been stipulated in the contract you would have signed.