Guest
02-07-2004, 07:47 AM
I'm in Quebec, have about 50 000 of edebt, make 15 a year... The debt
was caused by a failed partnership. I have a couple of questions.
1- Would they take my van, cost 22800, have 16 000 left on the
financing. Its a co-ownership with my girlfriend.
2- I still have a lot of product for the business that cannot be
liquidated (its a record company and i still have cds), would they
take those cds?
3- Would my partner get his credit ruined?
any help would be appreciated, thanks.
Timothy Horrigan
02-08-2004, 05:12 PM
tometoon@hotmail.com wrote in message news:<c28841c4.0402070747.64639990@posting.google.com>... I'm in Quebec, have about 50 000 of edebt, make 15 a year... The debt was caused by a failed partnership. I have a couple of questions. 1- Would they take my van, cost 22800, have 16 000 left on the financing. Its a co-ownership with my girlfriend. 2- I still have a lot of product for the business that cannot be liquidated (its a record company and i still have cds), would they take those cds? 3- Would my partner get his credit ruined?
Bankruptcy rules vary a lot from state to state in the US, and I am
sure Canadian law differs from US law :-)
Speaking as an American layperson, I will start by saying this about
your question:
1. You and your girlfriend collectively have $6800 in equity in the
van. So the bankruptcy trustee might try to take the van. Also, you
may have trouble with the lender (especially if you have been missing
payments), or with your girlfriend! :-)
2. Who cares? If what you say is true, the CDs are worthless. The CDs
cannot be liquidated, so there is no way either you or the bankruptcy
trustee can get any money out of them.
3. Maybe, maybe not. It depends on his financial affairs were
impacted by the failure of the partnership.
Guest
02-09-2004, 03:00 PM
> 1. You and your girlfriend collectively have $6800 in equity in the van. So the bankruptcy trustee might try to take the van. Also, you may have trouble with the lender (especially if you have been missing payments), or with your girlfriend! :-)
i don't think the van is even worth 16000 right now though.
2. Who cares? If what you say is true, the CDs are worthless. The CDs cannot be liquidated, so there is no way either you or the bankruptcy trustee can get any money out of them.
Over time I can liquidate them slowly.
