i heard dat if he as a debtor want to declare bankrupt n i also as a guarantor are liable to be a bankrupt...wat must i do??i dun want to be a bankrupt..im still young and hv to support my mum.pls advise.
2006-12-17 13:25:05 · 3 answers · asked by cahaya 2 in Politics & Government ➔ Government
No, you won't be liable to be a bankrupt. But you will be liable for the loan he take up where you as a guarantor.
2006-12-17 13:44:10 · answer #1 · answered by Tan D 7 · 0⤊ 0⤋
See what is the amount ? and as guarantor ,you will be responsible for the loan. Should you unable to pay the loan then yourself also have to declare bankrupt. Meantime, find out anything that have your name (e.g properties, fixed deposit, saving accounts; etc) get ready for a transfer to another person name should you default the loan.
2006-12-17 22:33:40 · answer #2 · answered by James Louis 5 · 0⤊ 0⤋
I believe you have to repaid the debt for the person as you are the guarantor. But if you can't repay the debt, then it is another different case. You need to work out with the creditors to solve this problem
2006-12-18 06:00:18 · answer #3 · answered by Clown & Joker 5 · 0⤊ 0⤋