Question: If I refinanced my car loan and had a co-signer and I declare bankruptcy, does the co-signer have to pay for the car?
Answer: Yes, if you are unable to make the payments on your car, or any other loan, the co-signer becomes liable for the debt.
Question: i recently had a consultation with a trustee,it would cost me 350 dollars a month in order for me to declare bankruptcy. i cant afford to pay 350 dollars. what other options do i have?
Answer: You have a number of other options. First, if the trustee has quoted $350 per month, it is likely that you have surplus income, or other assets. If you have no surplus income or assets the cost of bankruptcy is generally less than $350 per month.
One option would be to try credit counselling, where a credit counsellor works out a plan for you to repay all of your debts in full, at a reduce or zero rate of interest.
If you can’t afford to repay your debts in full, a consumer proposal is another great option for avoiding bankruptcy and giving you a fresh start.
Question: If a person files for bankruptcy….can they take away the children’s child tax credit that they get monthly….???
Answer: No, if you are receiving child tax credits now, you will continue to receive them once you are bankrupt. However, when you are bankrupt, if your family income exceeds a certain amount, the amount you are required to pay while bankrupt, called surplus income, goes up. Your trustee can explain that process in more detail when you meet.
