declare or consolidate

May 17th, 2011 by Questions

i was told from a finance manager that it would be smarter to just declare bankruptcy rather than do a consolidation loan. the reason that they gave was that after you paid off the consolidation loan, you would still have to go through a bankruptcy period after you did the loan. i would like to know if what the manager is saying is true, even if you are able to obtain and make regular payments on a consolidation loan.

Posted from: Ontario


One Response to “declare or consolidate”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

This is a difficult post to answer as the banks comments don’t make sense to me. Firstly, a bankruptcy and a consolidation loan are distinctly different. So this idea of a bankruptcy period after paying your consolidation loan don’t fit together. I think you need to go bact to your finance manager and ask for clarification. If this finance manager is unable to clarify this statement, I would suggest you talk to someone else. Perhaps a personal banking assistant at your local bank.

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