is bankruptcy my best option
asked March 5, 2018 by Anonymous
I have a credit card that I owe $28,000 on and they are garnishing my pay I also have another credit card with a balance of $6,500 approx. that I am behind on payments for. in addition I am behind on phone, satellite, internet and hydro. my sister says to declare bankruptcy but I don\’t want to loose everything I have worked so hard for the last 30 years
Your won’t lose everything. There are exemptions depending on where you live in Canada. Bankruptcies generally do not affect the rights of secured creditors. If a creditor has a valid security against your property (e.g., a car or a house), consult with your Licenced Insolvency Trustee. If you can afford monthly payments, financial arrangements can be made with the secured creditor.
answered 9 months ago by Debt.ca Staff