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Bankruptcy


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The effect on your sister and brother in law should be fairly minimal. For instance it would have no effect on their property. What they probably would have to do though is financially disassociate themselves from your nephew so that they are not linked in any way with the CRA's. Obviously if they were financially linked it may adversely effect their credit rating, so they want to avoid that. They can disassociate themselves by simply writing a letter to that effect to the CRA's.

 

If he was to consider bankruptcy he does really need to first talk it through with a qualified debt advisor or insolvency practitioner so that he fully understands the pro's and con's of bankruptcy.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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