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I have declared bankruptcy and its been over a year now, and slowly I`m paying the trustee. Now my close relative has volunteered to pay off the debts, what will this mean as far as my bankruptcy goes, and will the bankruptcy be wiped off my records, and can I start afresh, and will be elligible for a loan for a house?

Posted from: Ontario

One Response to “mr”

A licensed trustee said...

I would book an appointment for you and the relative to meet with your trustee to work out the details. In addition to paying off the debt you will also want to apply to the Court to have your bankruptcy annulled (have it wiped from your record). There will be a cost associated with doing this and you can use your trustee or hire a lawyer.

Whether or not you will qualify for a mortgage will be up to the mortgage companies – if the debts have been repaid there’s a chance you might be approved, but I think I would talk to a mortgage officer at a bank before I went house shopping.