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Questions & Answersis bankruptcy my best option
Anonymous asked 2 years ago

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

1 Answers Staff Staff answered 9 months ago

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 Staff

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