Fallout
08-02-2004, 12:10 PM
I cosigned for a family member a few years ago so they could get a computer threw one of thoses buck a day companys. This family member is now declaring bankruptcy, and I am worried about how this will effect me. I don't have the money to take over the payments on this loan and I am worried that I will have to end up filling for bankruptcy myself (I am only 22, I don't want to do that). Can anyone give me some advice? Will the debt be wiped out because of the bankruptcy? Am I worrying about nothing? Or is it only a matter of time before people are banging on my door and my credit is ruined?
I live in Ontario Canada
I cosigned for a family member a few years ago so they could get a computer threw one of thoses buck a day companys. This family member is now declaring bankruptcy, and I am worried about how this will effect me. I don't have the money to take over the payments on this loan and I am worried that I will have to end up filling for bankruptcy myself (I am only 22, I don't want to do that). Can anyone give me some advice? Will the debt be wiped out because of the bankruptcy? Am I worrying about nothing? Or is it only a matter of time before people are banging on my door and my credit is ruined?
I live in Ontario Canada
The family member's BK filing will be reflected on your credit report too.
Good Luck! :)
Fallout
08-02-2004, 07:10 PM
How much of an effect? It was a fairly small loan, only about 2000$. It wasn't like it was for 10,000 or something like that. Will I have to start paying it or is there a good chance that they will just write it off and i'll take a hit to my credit rating. I'd rather have that happen then have to pay it off and declare bankruptcy myself. I am college student and I have about 50$ left at the end of every month after paying the bills.
How much of an effect? It was a fairly small loan, only about 2000$. It wasn't like it was for 10,000 or something like that. Will I have to start paying it or is there a good chance that they will just write it off and i'll take a hit to my credit rating. I'd rather have that happen then have to pay it off and declare bankruptcy myself. I am college student and I have about 50$ left at the end of every month after paying the bills.
That specific account will be listed as Chp 7 BK -Zero- balance. The lender will most likely write off the debt or attempt to reposess it. Either way, it'll be reflected on your credit report.
Good Luck! :)
