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if I have a co signer for my car what happens when I go bankrupt

Posted from: Ontario

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One Response to “if I have a co signer for my car what happens when I go bankrupt”

A licensed trustee said...

That depends on whether or not you intend to keep the car – which means you will have to continue to make the payments or not. If you continue with your payments your co-signer will not be affected.

If you surrender the car, or teh lender seizes the car, then your co-signer will be responsible for the outstanding balance on your loan.

Please note – right now if you file for bankruptcy the lender can decide to seize your car and cancel the loan even if your payments are up to date. On Sep 18 that law is changing such that the lender CANNOT cancel your contract simply because you filed for bankrutpcy. That may make a difference if you want to be able to keep the car…