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student loan after bankruptcy

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?

2 Responses to “student loan after bankruptcy”

A licensed trustee said...

Call the school that you want to attend next year and discuss with them the rules and regulations regarding bankruptcy and OSAP. The rules have changed a couple of times in the last few years and I don’t want to send you in the wrong direction.

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, death…). So if you file for a bankruptcy you mother will be responsible to ensure that the student loan is paid.