I am a senior and in trouble

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I am a senior, I will be 74 years old in May. I owe my credit cards about $26,000 but only have about $1,200 income per month from my pension. My rent is almost $850 per month and hasn`t caused me to many proplems, but I am starting to fall behind on my minimum payments. I really need help as this stress has started to affect my health. Do I have to wait until my debts are in arrears to file bankruptcy?

Posted on Monday, February 16, 2009 | Filed under: Bankruptcy
 posted by Questions @ 9:00 am 1 Comment
1 Expert Comment:

 At February 17, 2009 | 6:52 am , Barton Goth, Trustee in Bankruptcy Said...

There is no need to wait until you are behind on your debts prior to filing a bankruptcy. As long as you:
a) reside in Canada or own property in Canada;
b) owe greater than $1000; and
c) are unable to pay your debts as they become due:
Then you are eligible to file bankruptcy.

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