http://ask.metafilter.com/tags/consumerproposal Questions tagged with 'consumerproposal' at Ask MetaFilter. Mon, 20 Oct 2008 07:09:14 -0800 Mon, 20 Oct 2008 07:09:14 -0800 en-us http://blogs.law.harvard.edu/tech/rss 60 http://ask.metafilter.com/104687/Is%2Dmy%2Ddebt%2Dgoing%2Dto%2Druin%2Dmy%2Dparents%2Dcredit How will a line of credit that my parents cosigned affect my ability to enter into a debt repayment plan through credit counseling? I've reached a breaking point and I need some help figuring out how I'm going to deal with my debt. I already plan to speak to a credit counseling service and possibly a trustee in bankruptcy next week, but your advice is greatly appreciated. In general, I understand what's going to happen in terms of setting up a repayment plan or a consumer proposal. I'm concerned because part of my debt is an $8000 line of credit that my parents cosigned for me when I was a student. <br> <br> Is there a way for me to address my debt woes without screwing up my parents' credit? Secondary question: how do you talk to your parents about stuff like this? They're going to be horrified and disappointed in me and it's making me sick thinking about it.<br> <br> Supporting details: I'm in Canada, I'm 35 and I owe about $45K total ($36K credit cards, 8K line of credit and 3K overdraft). I have no assets and I'm just getting back to work after losing my job a couple of months ago. My parents could almost certainly pay off the line of credit easily... they're pretty well-off, but a little sensitive about money right now because my dad is retiring next year. Our relationship is OK but not fantastic.<br> <br> Throwaway gmail account is canadiandebtor@gmail.com. tag:ask.metafilter.com,2008:site.104687 Mon, 20 Oct 2008 07:09:14 -0800 bankruptcy consumerproposal credit creditcounseling debt parents Anonymous