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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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Bankruptcy woes

My ex got a line of credit guaranteed by my father for 100K.

He’s maxed it all and is now bankrupt.

What can my father do to get his money back?

Does he become a creditor to my ex?
Can the bank go after him?

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One Response to “Bankruptcy woes”

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

There is really nothing your father can do. Legally your ex will be cleared from the line of credit and technically speaking your father doesn’t qualify as a creditor as the contract your father signed was between him and the lender. Essentially your father agreed to accept full responsibility for the outstanding balance should your ex default in any way and this is exactly what the bank is entitled to expect.