Question: My sister has a loan in her name and myself as the co-singer, I make the payments from my bank account (same bank that the loan and my credit card is from). If I close the account and open another account some where else and have them withdraw payments from that account do I still need to claim this in my bankruptcy as my sister is the principal on the loan?
Answer: Yes. When you file bankruptcy in Ontario, you are required to disclose all debts, whether or not they are co-signed. Your sister will remain liable for the loan, as it is in her name as well.
Tags: co-signed loan