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

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Cosigning for someone who went bankrupt

I cosigned a line of credit for a family member who just declared bankruptcy. Am I able to let the debt go through bankruptcy? Will this put a mark on my credit history and if so for how long?

Posted from: Nova Scotia

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Cosigning for someone who went bankrupt”

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

What will happen is the bankruptcy will legally remove any responsibility for that family member in connection with this debt. However, when you cosigned the debt you essentially were signing that you would be responsible for this debt regardless of what happens to the other part (i.e. death, bankruptcy etc.). As a result you are now fully responsible for the cosigned debt and if you neglect to make appropriate arrangements for payments then it could damage your credit, but as long as the arrangements are made and upheld then you shouldn’t have any trouble.