Line of Credit

November 19th, 2007 by Questions

Approximately 6 years ago my father co-signed for a $30,000 line of credit from my bank that I was to use for university and residence fees because they wanted me to have the `full experience`. All of the money was gone in a year and a half. We are struggling to make payments on it, and have since bought a home in the area (my name, my father`s name, and my mother`s names all on the deed/mortgage) to try and temper living costs. With my graduation near I find that it will be completely impossible to make enough money with what education I have to pay for the line of credit (which will have interest + principal due when I`m no longer a student) plus my utilities and upkeep, nevermind trying to start a life independent of my financially drowning parents. Would declaring bankruptcy simply stick my father with my line of credit debt?


One Response to “Line of Credit”

, Barton Goth GCO Bankruptcy Trustees said:

You are correct, if you have any debt that is jointly signed by your father and file a bankruptcy, this would effectively clear you from the debt but your father would still be responsible.

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