The Risks of Co-Signing a Loan | What You Need to Know Before You Sign
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The Risks of Co-Signing a Loan | What You Need to Know Before You Sign
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About this listen
If you’ve ever co-signed a loan for a family member or friend, you might think you’re just helping them get approved — but what happens if they stop paying or file for bankruptcy?
In this episode of Debt Free Life, Licensed Insolvency Trustee Richard Sklar from David Sklar & Associates explains the financial, legal, and credit risks that come with co-signing a loan in Canada. You’ll learn what happens to co-signers when the borrower declares bankruptcy or files a consumer proposal, why you’re still legally responsible for the debt, and what steps you can take to protect yourself before agreeing to co-sign.
Richard also shares practical advice on what to do if you’re already facing co-signing debt problems — including when to seek help from a Licensed Insolvency Trustee.
👉 Read the full article for more details:
What Happens to Co-Signers With a Bankruptcy?
🎙️ Debt Free Life is brought to you by David Sklar & Associates, helping Canadians find relief from debt and take back control of their finances. Visit www.davidsklar.com
to book your free consultation today.