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

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Student Loan with a co-signer

I have a student loan which was co-signed by my common-law spouse. I am considering bankruptcy as I lost my job some time ago and am unable to find work. I’ve been out of school for only 5 years so the 7 year rule doesn’t apply. What will happen if I do file for bankruptcy as far as my spouse goes? Will this affect his credit, or will he be solely responsible for repayment?
Thank you for any help you can give with this..

Posted from: Ontario

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One Response to “Student Loan with a co-signer”

A licensed trustee said...

The lender has the option of demanding payment from your spouse if/when you file for bankruptcy. then when you are discharged, they can demand payment from you too. They cannot be paid more than yiou actually owe, but they have the right to try and collect from both of you…