I declared bankruptcy in ontario canada jan 4 2006 in the bankruptcy a cosigned loan was included the cosigner was never notified of the default on this loan at this time last payment by myself on this loan was feb 27 2006 this loan has now been put into collections as of feb 5 2007 and the notification has been sent to me and not the cosigner I am aware of the 2 year statue of limitation in ontario since the cosigner has not been notified in writing in this period can they still try and collect it since the bankruptcy took effect jan 4 2006 and the 2 years has elapsed

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Originally Posted by annagalvano

i declared bankruptcy in ontario canada jan 4 2006 in the bankruptcy a cosigned loan was included the cosigner was never notified of the default on this loan at this time last payment by myself on this loan was feb 27 2006 this loan has now been put into collections as of feb 5 2007 and the notification has been sent to me and not the cosigner i am aware of the 2 year statue of limitation in ontario since the cosigner has not been notified in writing in this period can they still try and collect it since the bankruptcy took effect jan 4 2006 and the 2 years has elapsed

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You had an Attorney for your bankruptcy - ask him or her.

Am I correct that you made a payment on this loan AFTER the bankruptcy was filed? If so is that the reason why the debt wasn't "erased" from your name and put in the sole name of the co-signed?

This is somewhat confusing - your debts SHOULD have been eliminated by the bankruptcy filing - of course, if you made a payment after the filing/adjudication then you "re-upped" on the debt.

S of L for cosigner commences in Ontario Canada when the loan went into default which was the date of last payment you made on the loan. As soon as the loan was in default, the creditor could have contacted the cosigner. They did not. The fact that you went bankrupt has nothing to do with the cosiger's responsibility. The creditor had two years from the date of default to take action. If they have not they are statute barred from proceeding in a court of competent jurisdiction.

The co-signer is not normally notified, it is the duty and responsibility of the creditor to notify the co-signer what is happening.

If included in the bankruptcy, the creditor can not be held responsible, but the co-signer can still be held responsible. The statue of limitation if over the two years will be a defense, so he will have to appear in court and defend hisself if they file for a judgement