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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Co-sign Question

Hi, the situation is: I have a student credit line from years ago that is up to date in payments and has a co-signer. If I declare bankruptcy, does the co-signer just take over the remaining payments with the same account/terms/interest rate, etc. or is the amount demanded in lump sum and/or a new loan?
Thanks

Posted from: Ontario

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One Response to “Co-sign Question”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

What the lending institution does with the co-signer really is up to them. However, you are right that if you file a bankruptcy this will leave the co-signer fully responsible and they will have to make payment arrangements directly with the lender.