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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.

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LOAN

I co-signed on a loan and the individual had filed for bankrupcy. The bank is now after me for the balance of the loan. Can I sue (smal claims court or other court) the individual for the balance of the loan?

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One Response to “LOAN”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

No, there is a stay of proceedings in effect which removes any ability to levy collection from the individual in bankruptcy. Legally he has been cleared from the debt and unless he fails to comply with his responsibilities under bankruptcy he has no legal obligation to provide you any compensation. Furthermore, if he provides you compensation during the time he is in bankruptcy his trustee could require you to hand over all the monies received during bankruptcy so they could be distributed equally amongst all of the creditors involved. If you did try to sue the suit would simply be thrown out of court.