My husband and I are filing for bankruptcy. After crunching all the numbers, it is our only option. We do, however, have a co-signer for a student line of credit. I suppose my questions are:
1. How does this affect the co-signer?
2. Is it true we can’t maintain accounts at our bank after the bankruptcy? Is it also true that we can’t bank at the same institution as our co-signer?
Today 02/12/2012
Bankruptcy Ontario: Call 310-PLAN to speak with one of our experts
If you go bankrupt, the co-signer is responsible for the entire debt.
If you go bankrupt, I always strongly recommend that you open a new bank account at a new bank, just to prevent your old bank from “accidentally” attempting to seize money from your account (which they are not allowed to do, but sometimes bank’s computers do it anyway).