My father co-signed a student line of credit for me at a bank. There's still an outstanding balance. Furthermore, the line of credit is frozen, so I can't access it. I only have to make the repayments. If I file for bankruptcy or a consumer proposal, will the bank immediately demand the full amount from my co-signer (father), or will they make a repayment arrangement, as they did with me?
The bank may demand immediate repayment, but will usually accept an agreement with the guarantor, especially if your father is already a customer of that bank.
Questions reliées
- A month before our separation, we bought a boat using a joint line of credit. My ex kept the boat, which means I still have a loan in my name that I have no control over. What are my options for removing my name from the joint loan?
- A year ago, I signed a car-sharing agreement with my ex-partner. We have since separated, and I have experienced significant financial difficulties and am planning to file for bankruptcy. Given my inability to pay for the car, can I include it in the bankruptcy proceedings? If my ex is ultimately held responsible for the car, can he take legal action against me and demand payment or anything similar? The car payments haven't been made for four months, and it will soon be repossessed by the finance company.
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- Does a protection clause also apply to a tax/government debt if I inherit during or before bankruptcy proceedings? And if the death of the person leaving an inheritance occurs before bankruptcy but bankruptcy proceedings have not yet begun? Is that inheritance still subject to seizure?
- Does marrying someone who is personally bankrupt (not discharged) make me responsible in any way or affect me personally?