Hello! eveybody ...
I am in trouble ...actully when i went to india two year ago with family... me and my sister took line of credit $10,000 as joined..
Now my sister has debt almost $30,000 ..she decided bankruptcy..
Obviously its gonna effect to me as u know we took line of credit $10,000 together
I was co sighner.. it mean i have to pay all money $10000... i dont have money to pay .. My sis suggest me to do bankruptcy ... but i dont wanna do ..plz ..i realy appreciable if somebody give me better idea to solve this problem
Location: God's own country
Posted on: 09-07-09 08:27:36
It is a very tough call. If you are a co signer, you will have to pay for the loan if your sister declares bankruptcy. If you donot , then you will have a R9 rating in your credit report for 7 years and the collection agency will come after you for the repayment of the loan. Unless you pay back the loan before (her) bankruptcy loan, the collection agencies will come after you to get the money and as well as give you an R9 rating (with a note saying that they collected the money from you) and this will affect your decisions to acquire additionals loans in the future for 7 years. The collection agancies will get the money from you in any case , as you will not be bankrupt.
So it is a tough call.
You have only the following options :
1. Ask your sister not to go for bankruptcy
2. Ask your sister / or you pay back the loan and then let her file for bankruptcy.
3. Try Debt consolidation in which all your loans are made in to one and then they stop interest calculation on that loan and give you a max. 50% write off on the loan and will put you on a monthly plan in which you pay back monthly installments to pay back the loan. Note that this will still have a R7 rating on your credit report for 7 years (but better than R9) and creditors / collection agencies will not hound you. Also note that in the middle if you canot pay even the monthly installments, you will have to decalare bankruptcy. Generally no one declares bankruptcy for 30K and all. It is a small sum which can be repaid (either by payments or debt consolidation) , if you plan to stay long time in canada for the benefit of your children.
Hope you are aware that Canada offers free healthcare, free libraries, free community centres, free food (Food bank), corrpution free environment, clean air, pollution less atmosphere, free schools, OSAP loans for higher studies, Child care benefits etc... So please do stay in Canada and try to repay the loan and at the same time , please pay your taxes to the cdn. govt. so that it can take care of people like me (who rely on free govt. handouts) and seniors who are in need of CPP/ OAS, free handouts from the govt...
Hope this helps you
Peace by TK
-----------------------------------------------------------------
I am a Gents and not a Ladies.
does this effet to my child benefits payment ...if i go for debt consolidation ...
Location: God's own country
Posted on: 12-07-09 08:19:50
Quote:
Originally posted by vicky_gill
does this effet to my child benefits payment ...if i go for debt consolidation ...
No. It will not affect your child benefits payment from the govt. Even if you go for bankruptcy, it will not be affected.
In a Bankruptcy (for your sister), there is a clause known as the superindents standard. This states the max. monthly money that you can keep/earn every month while on bankruptcy without the wages being garnished. It is $1830 for one person or $2780 for 2 people. Also say your sister has a husband and 1 child. Your sister's bankruptcy will not affect her spouse in anyway , unless he has also co signed. The Bankruptcy trustee can alot the family as your sister and her child and thus she can earn and keep a max. of $2780 a month without a portion of the pay being garnished to any of her creditors.
hope this helps.
Peace by TK
-----------------------------------------------------------------
I am a Gents and not a Ladies.
