Need help….Fast!

February 13th, 2008 by Questions

I have taken a job loss due to relocation. I work 2 days a week and cannot afford my monthly payments on credit cards and student loans. Total debt owing approx. 16,000.00. I do not own a house. It is in my spouses name due to my bad credit rating. Will filing bankruptcy affect my spouse and is there any other way I can get out of debt without filing bankruptcy.

Questions

One Response to “Need help….Fast!”


, Barton Goth GCO Bankruptcy Trustees said:

Likely the filing of a bankruptcy will have very little impact on your spouse, as long as she hasn`t signed on any of your debts.

However, you are going to need to discuss things in detail with a local trustee to ensure that there isn`t any provincial legislation that will impact the house.

As well, you need to be aware that unless you have been out of school for 10 years or more your student loans will not be cleared by a bankrutpcy. However, the rules are in the process of changing from the 7 years to the 10 years. The problem is that we have no indiciation when the changes will be made into active law.

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