Hey buddy1000,
Again it all depends on your cash flow...
See my reply here: /threadview/2717.html

My recommendation is to do everything in your power not to declare bankruptcy... cut back all your expenses to the bone, make minimum monthly payments on everything. conserve your cash.

Usually if you've got some cash flow, like if you've got unemployment insurance, you can make it through.

Bankruptcy is the very last resort. And I only suggest it if your debt is causing health problems etc

Yeah I don't know if I need bankruptcy advice. It all depends on if we can get our jobs back , or if we're going to be laid off for a long time.

I guess I should ask the question. Will I need to declare bankruptcy? Do we have to sell the house? Move into an apartment. OMG. this is really surreal

Thanks for the plug AJ, to qualify for our monthly plan you need to have a steady income and be able to follow a budget and it sounds like you are not in that place.

Also Terminated, your co-signer will be effected no matter what direction you go at this point. If you don’t want to hurt your co-signers credit further find the money today from family and pay off the co-signed debt in full now. That’s the only way.

By the sounds of where you are today, your credit rating is going south faster then snowbirds heading to Florida for winter. Credit ratings are the least of your problems right now.

If none of the options above work, tell your co-signer you messed up, go bankrupt, learn your lesson, don't do it again and move on.

Financing your schooling on credit cards was not the smartest move, but it was also pretty silly for the creditors to give you credit cards and your co-signer to put their name down when they both knew full well you are in school and don’t have income.

Please understand I don’t mean to sound terse here, but really, what did you expect would happen in that equation?

There is a member on here by the name of RichardC that owns a debt settlement company. I believe you should contact him and maybe he might have a solution to your problem. The amount of debt you have is not very high and it could be settled with the right person that knows what they are doing.

http://www.totaldebtfreedom.ca/

Your co-signer will be left holding the bag in (2).

Hi there,
I am sinking in debt and don't know what to do....i just graduated from unversity and used all my credit limit throughout my study period. currently i live in Quebec and can't find a job or repay my debts.
1- I owe credit cards (11300$) and (7300$) and i am a couple of months behind minimum payments.
2- I owe RBC (20,000) as a student line of credit and i have a co-signer for that.

I don't know which option is better for me, whether to file for a bancruptcy or a credit proposal, keeping in mind that i don't want the co-signer to be affected in anyway.. Please advise.. Thanks in advace..