I have a line of credit which was cosigned. If I declare bankruptcy can any amount outstanding on the line of credit be exempt from the bankruptcy so the bank does not come back on the cosignor? In other words if I can keep paying payments on it will it keep the bank from calling this line from the cosignor?
Bankruptcy Alberta: Free Information about Bankruptcy in Alberta
If you declare bankruptcy you are legally cleared from this line of credit and are not able to make any more payments to this creditor as it contravenes the way the Bankruptcy and Insolvency Act and can cause you significant difficulties if you are found doing this.
In terms of the cosigner, they will still be responsible for this line of credit and will be forced to deal with the bank on it themselves, you will have not authority to get involved.