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Bankruptcy or trust deed imminent

bankruptcy if cant ge new business taking over from old company and if i do will go for a personal trust deed . Anyway if I am on a trust deed but have 2 personal guarantees from the previous company , one to the bank and one to landlord are these taken into account in trust deed? Does the cosigner become liable for all if I am on a trust deed ?

Comments

  • DON79
    DON79 Posts: 3,842 Forumite
    bump! bump!
    BSC #215/No.1 Jan 09 Club
  • coolcait
    coolcait Posts: 4,803 Forumite
    Part of the Furniture Combo Breaker Rampant Recycler
    Hiya richie

    I'm afraid that if the debts are 'jointly and severally liable' then the creditor could ask your co-signer to pay it all.

    If you're taking advice on your situation (and I would strongly recommend that you do), then you could probably cover this point with your adviser.

    I'm sorry I can't be more positive :(
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