I am a guarantor of someone else’s loan. When I file for bankruptcy in Toronto, does this release me from this debt as i can no longer afford to pay the loan?
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Filing for bankruptcy releases you from this guarantee.
I am not sure of your comment that you “can no longer afford to pay the loan”, because as a guarantor, you wouldn’t be making payments. I assume you mean that if you were called on to honour your guarantee, you would not be able to afford the payments.
If you have any further questions, feel free to contact me.
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