April 3rd, 2013 by Questions

I’m considering bankruptcy but I have a co-signer on a line of credit and I’m concerned about how it may affect him.
What will happen?

Posted from: Ontario


One Response to “Matthew”

, A licensed trustee said:

The co-signer will be held responsible to repay 100% of the debt. The polite thing to do is call them and warn them that you are about to file so they can contact the lender and confirm payment terms… Otherwise the lender may simply demand payment in full when they receive notice of your bankruptcy.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)