I am fairly youn (22 years old) and i don`t ove very much (about $15000). Most of this is credit cards, but I also have aa bank loan. I make decent money but I can`t seem to get out of my overdraft and it is becoming tougher to pay all of the bills plus rent, food, utilities and such. i have been struggling with this debt since I was 18 and I just can`t do this anymore. I feel like I am on a never ending treadmill. I am seriously considering bankruptcy to get a fresh start. Do i qualify for bankruptcy?
Do I qualify for a bankruptcy
Posted on Thursday, June 19, 2008
posted by Questions @ 7:24 am
1 Expert Comment:
At June 25, 2008 |
8:46 am
, Barton Goth GCO Bankruptcy Trustees Said...
From the looks of things you will qualify, but this is not a very difficult thing to do. Anywhere in Canada, as long as you owe more than $1000, are unable to pay your debts as they become due and the total resale value of all your property is not sufficient to pay all your debts in full, then you are eligible to file a bankruptcy.
However, just because you are eligible doesn’t mean that it is best way to resolve things. At this point I would recommend that you sit down with a licensed trustee, and together review the specifics of your situation to determine what direction may be most beneficial.
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