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Should I declare bankruptcy?
asked November 18, 2017 by Anonymous
My family is in serious debt. I need to convince my father to go for financial aid, and possibly declare bankruptcy. We don’t own our own home (we rent), we don’t own a motor vehicle, and we only own a very limited amount of furniture (the rest of which belongs to our landlords), all of which is second-hand, with the exception of one of the beds we have.
Would we qualify for bankruptcy given that we have almost nothing to give up in terms of property?
Also, would you have any suggestions for me to convince my father to go for financial counseling?
Without knowing more about how much is owed to the creditors, what types of debt they are and what amount of monthly income is coming in, it\’s difficult to answer. More difficult for you is seeing a family member in this situation and convincing them to talk to someone. However, seeking the advice from a trained credit counsellor will cost your father absolutely nothing. It’s free. He can even do it right over the phone and does not have to go see someone face to face. There are several options that may be available to him, but he has to take the first step and make the phone call.
answered 1 year ago by Debt.ca