If you file for bankruptcy, it'll just eradicate your responsibility to pay back your creditors. But not your co-borrower's.
Mon, 01/23/2012 - 09:40
Few years back one of my friends and I co-borrowed a credit card. Now she and I are no longer in touch. I used that card to launch a medical shop in our locality and couldn't realize at that time that she would also be responsible. I am filing for bankruptcy now and want to see if she has any protection.
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The debt settlement program typically lasts between 6 months to 4 years time.
At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
Savings a customer realizes from use of a debt-relief service may be taxable income.
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