FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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BC Blues

How does a co-signer get affected by going bankrupt? Ie. Does it affect their credit rating? Are they obligated to re-pay the debt?
And, is it possible for the co-signer to pay the co-signed debt off (prior to going bankrupt for other debts), then the bankruptee pay the co-signer back so it doesn`t affect the Co-signer?

Posted from: British Columbia

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One Response to “BC Blues”

A licensed trustee said...

If the primary borrower files for bankruptcy or a proposal then the co-signer becomes responsible to repay the entire debt. In some cases they may simply start making the required payments, in some cases the creditors demand payment in full.

Once the primary borrower has been discharged from bankruptcy (or completes their proposal) they may repay anyone they choose, but not until they’ve been discharged. If they start repaying this debt during thier bankruptcy they will be committing an offence and it may get them in a lot of trouble…