student loan after bankruptcy
November 10th, 2006 by Questions
If I declare bankruptcy and my student loan is discharged (I have not been a student for over 10 years) will my mother, whom I seem to remember signed as a guarantor, be penalized in any way?
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November 10, 2006 at 3:41 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:
Yes your mother would be responsible for this debt if you filed for bankruptcy in Canada. The nature of a cosignor or a guarantor is they have obligated themselves to ensure that the debt is paid in full, regardless of what happens to the other party (bankruptcy, deathâ€¦). So if you file for a bankruptcy you mother will be responsible to ensure that the student loan is paid.