August 21st, 2012 by Questions

If a guy co-signed a car loan for someone who later died, is he still responsible for paying the loan?

Posted from: Ontario


One Response to “Joe”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Yes, you would be held responsible for this amount. When you cosign you are essentially saying that you promise to cover the debt irrespective of what happens to the other party (i.e. death, bankruptcy etc.). The only way you may not be held responsible is if there were assets in the estate of the deceased and they were sold and used to pay the outstanding obligation.

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