About 3 years ago I consolidated a bunch of credit card debts and other loans, and it came out to about 50,000.00. I have been making payments of 1600.00 a month and I think it is supposed to be paid off after 5 years. The problem is that I can`t afford to keep these payments up. The job I was working had lots of overtime available, but I was let go, now have a different job, but the overtime is not there. What can I do?
Help, consolidaiton loan not working
posted by Questions @
1 Expert Comment:
At December 15, 2008 |
11:30 am
, Barton Goth, Trustee in Bankruptcy Said...
From the sounds of things you need to come and sit down with a local trustee. They will be able to look at how much is remaining, your current financial picture and then direct you to one of the options that may help. This is difficult to determine whether this will be a bankruptcy, consumer proposal or alternatively Orderly Payment of Debts (OPD) but they will be able assist you in determining what will fit your situation the best.
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