FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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Joint credit card

I have a credit card from my sisters account. She is in bankrutcy now and the credit card company called me for the money . I am in a financial crisis with only a part time job and have no property. I am just barely paying my own credit card debt. I obtained a card in my name for the same company wanting me to pay money for my sisters account. If they force me to pay I will have no choice but to go bankrupt.What are the chances they will make me pay. If they do it would mean that they would also lose the 7,000 on my account.Would that be much of a deterrent to stop them from coming after me. Surely they wouldn’t want to lose twice as much money by forcing me bankrupt.They want approx 5000 for my sisters account .I owe them in my name 5000.

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One Response to “Joint credit card”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

I don’t expect that would be much of a deterrent. For the most part the institutions don’t pay a lot of attention to the total package of debt. However, it never hurts to contact the lender informally, explain the situation and see if they can make any allowances (i.e. freeze interest, reduce total amount and allow for payments over time). IF they aren’t willing to negotiate informally you can look into filing a consumer proposal through a licensed trustee. This is ultimately a way to formally negotiate a similar settlement.