co-signer
Good day If someone is going brankrupt and they’re a co-signer for someone else on a car loan will it affect the other person. Thanks you rachael
Q&A: Answers to Questions
Most Recent ‘Q&A’ Posts
is the discharge automatic?
Is a discharge automatic – assuming everything is straight-forward. What I mean is does the trustee have to do something to get the discharge, or does the court automatically generate the discharge?
shares held in private company
I understand that shares held in a private company must be declared as an asset – even when the company laid off its employees in 2001 and closed its doors. My question is what happens to those shares when the bankruptcy is discharged (since no one in their right mind would buy them)? Who owns […]
Debt Management Plan
If I pursue the debt management plan to consolidate my bills, will it affect my credit rating?
Second Proposal?
How likely are creditors to accept a second proposal? My ex-wife and I had a proposal a few years ago, but as the payments were too high (mixed with some immaturity on our part), we ended up missing a third payment within about a 18 months. We’re divorced now, and the creditors are starting to […]
Revenue Quebec Assessments and back taxes
My self and my wife are partners of a small business. We have been assessed for taxes of about $140,000 each. These are GST, PST payments and some DAS payments that we could not keep up with for the past few years. with penalty and interests added. We own a house worth 200,000 and have […]
Bankruptcy and Mortgage Lenders
When you claim bankruptcy do my mortgage lenders need to be notified by the trustee?
BANKRUPTCY PROTECTION
I am deeply in debt and lately it seems to me that there is no real way out other than bankruptcy. My wife and I both have jobs and make decent money but not enough to cover the debt load. We own a house that is worth about 260K and have a mortgage of about […]
Harassing creditors
I have claimed personal bankruptcy in February of 2006. I was assesed to pay 1625.00 per month then 8 months later I was reassed and informed that I would have to pay $1775.00 plus I would have to catch up for that amount since the start of bandruptcy. I was told that I would be […]
Partnership and bankruptcy
I had formed a partnership with a friend of mine. We have a bank account for the partnership. Out of the blue my partner declared bankruptcy a week ago without informing me. My concern is that the bank account is a joint account with a significant amount of cash which is mine. How do I […]