Consolidating someone elses debt

I’ll follow up with a post on the subject if student loans are different on this.

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Bankruptcy lasts for three years from the day it is declared.

Creditors who have tried unsuccessfully to recover debts you owe that together total at least $5,000 can force you into bankruptcy.

When you are a voluntary bankrupt, a trustee appointed by the Australian Financial Security Authority (AFSA) will manage your financial affairs.

A fee may be charged where you have assets or earn above your income threshold amount (see information on the AFSA website for current thresholds).

Edit: Paid Twice has suggested that student loan consolidation may be an exception to this as long as you don’t consolidate the loans together.

I’ll have to look into it further because the laws regarding student loans are quite complex.

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According to the Department of Education, the average amount of undergraduate student debt in this country is now more than ,000.

Even if your spouse doesn’t put your name on it, this almost always counts as a fresh debt (I can’t think of a situation where it wouldn’t).

So it’s just like any debts they acquire after the marriage—you’re both responsible.

And sudden changes in lenders' terms and rates can quickly turn a personal debt into a financial sinkhole, grounding the dreams of many college graduates even before they've started.

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