Best way to resolve my boyfriends 30k of debt
January 31st, 2011 by Questions
Hi there, Im tired of worrying about this credit card debt of apprx $30k he has. $20k line of credit $10k 2 cards. Its been two years since any payments because of financial hardships. It weighs on my mind constantly. He\’s young, 31. We don\’t own, moved provinces so little assets especially in his name. The two cars I own. one is old, one worth 3k bit gets my kids around and to and from work where there\’s no transit. I don\’t want to lose my assets because we live together with kids?? Will that happen in bankruptcy? He is making money able to afford a couple hundred a month. This would take forever IF a creditor would even allow. What to do?! Thank you for your page and allowing anonymous questions & help.
Posted from: British Columbia
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February 01, 2011 at 4:13 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
A bankruptcy may be just the thing that will allow your boyfriend to regain control of his finances. For reference, if he files there shouldn’t be any impact on your property, as long as you can demonstrate that the property is yours and he hasn’t every been associated with it (i.e. you bought the car, you are on the bill of sale he is not nor every was, it has always been registered in your name, never in his name etc.). If that is the case I would encourage hime to contact a local trustee and start dealing with this before it causes any more problems.