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Credit cards are a popular and convenient form of credit that can be a very useful tool.
Bankruptcy And Family Debts
2009-10-23
Thank you for your enquiry. You express a difficult predicament due to family obligations. Unfortunately, if bankruptcy (or a proposal) is your only option, then there is a legal requirement to disclose and notify all your creditors. These debts will then be wiped clean upon your discharge. While difficult, you may want to consider discussing this predicament with your in-laws to gain their understanding. A bankruptcy (or a proposal) may be your only option to start with a clean slate and begin saving for a better future. You may wish to discuss the situation with a trustee first, as there some other considerations that could be taken into account. For example, if there is a dividend distribution to your creditors, your in-laws will be able to participate as creditors. Please do not hesitate to contact one of our Trustees at an office nearest to you to review your financial affairs and to discuss your options. Kelvin Tan Meyers Norris Penny Limited - British Columbia Tel: 604-637-1546 Email: [email protected]
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