For years, the bank of mom and dad has likely reigned supreme as the largest bank in Canada. Any parent can probably recall a time where their child approached them for some kind of financial assistance. As loving parents, we like to try to do what we can to help, but what happens when your […]
It's time for another FAQ podcast and today we talk about if and when you might be responsible for your spouse's debt and how one spouse filing bankruptcy might affect the other. To answer these questions I talk with Hoyes Michalos Trustee in Bankruptcy, Jason Quinney joint debts and co-signed loans.
Lenders often will want a “co-signer” on money loaned to people who represent a marginal credit risk. Parents may co-sign for their son or daughter’s first car loan or mortgage because they don’t yet have a strong credit history of their own. A friend or family member may guarantee your refinancing loan because you do […]