What Happens To My Co-signor?

Posted on: October 6, 2017

Posted in Bankruptcy | Comments Off on What Happens To My Co-signor?

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In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, What Happens To My Co-signor?.

 

When people do a bankruptcy or even a consumer proposal, if they have a co-signor on one of their debts, they are going to be very concerned about what is going to happen in regard to their co-signor. The fact of the matter is that when you do a bankruptcy or consumer proposal, you are just relieving your own responsibility for those debts. You are not able to do anything for the other person. In other words, if I were to co-sign somebody else’s debt, they go bankrupt, they are not responsible for it anymore but now the creditors are going to want me to pay, and that is just a fact of life. That is what co-signing is all about. Now, whether or not that person has to pay the whole thing at once, usually can be worked out with the creditor but a bankruptcy or proposal will not relieve somebody else from their responsibilities.

 

If you are uneasy about bankruptcy you should definitely visit a licensed insolvency trustee so that you will be given an advice about your bankruptcy problems.

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About Richard Killen & Associates


Since 1992, Richard Killen & Associates, a Licensed Insolvency Trustee, have helped thousands of people resolve their financial problems. With 25 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.


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