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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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co-signer

My credit report is just a mess . I finished paying my debts 3 years ago using a debt management program.I owe nothing now but I don’t think I would even get a loan for a hundred bucks. I want to by a new car. I have a decent salary and my job is very secure ( I have worked there for 15 years). I have a co-signer and they are very well off.The car company has zero risk that they might lose money . They would likely agree on this after reviewing my co-signers finances.Do the car companies automatically say no when they see that I was using a debt management program and many collecters chasing me . Hopefully they will approve me because of my co-signer accepting the responsibity if I dont pay. any ideas

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One Response to “co-signer”

Barton Goth GCO Bankruptcy Trustees said...

This is really up to the lender. Technically speaking the presence of a bankruptcy gives the secured lender the ability to seize the vehicle, although if you are up on your payments the likelihood of this happening is very small.

Typically speaking the secured lenders will look at the account and as long as everything is up to date, they have contact with both you and the cosigner, then they will often permit payments to continue as normal and nothing will impact yours or the cosigners credit. However, if the vehicle is seized there would definitely be an effect on the credit of both parties.