Comments on: what should I do? http://www.bankruptcy-canada.ca/cost-of-bankruptcy/2009/09/what-should-i-do.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy http://www.bankruptcy-canada.ca/cost-of-bankruptcy/2009/09/what-should-i-do.html#comment-110138 Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Mon, 14 Sep 2009 12:50:30 +0000 http://www.bankruptcy-canada.ca/cost-of-bankruptcy/2009/09/what-should-i-do.html#comment-110138 If you file for <a HREF="http://www.bankruptcy-alberta.com/bankruptcy-alberta.htm" rel="nofollow">bankruptcy</A> there is always an impact on your credit and while it is not lost for good, you will have to spend a little time and energy working on <a HREF="http://www.bankruptcy-canada.ca/creditRepair.htm" rel="nofollow">credit repair</A>. In terms of whether or not I would recommend even considering bankruptcy is going to depend significantly on the total amount of your unsecured debt. If you only owe $4,000 then the filing of a bankruptcy simply wouldn't make sense, but if it is only one small part of your list of creditors than we may have to discuss that. If you have significantly more owing than this debt to CRA then I would suggest you contact a <a HREF="http://www.bankruptcy-alberta.com/askus.htm" rel="nofollow">local trustee</A>, but if this is the only thing you are struggling with you are better to contact CRA directly and make payment arrangements to pay this debt over time. If you file for bankruptcy there is always an impact on your credit and while it is not lost for good, you will have to spend a little time and energy working on credit repair.

In terms of whether or not I would recommend even considering bankruptcy is going to depend significantly on the total amount of your unsecured debt. If you only owe $4,000 then the filing of a bankruptcy simply wouldn’t make sense, but if it is only one small part of your list of creditors than we may have to discuss that.

If you have significantly more owing than this debt to CRA then I would suggest you contact a local trustee, but if this is the only thing you are struggling with you are better to contact CRA directly and make payment arrangements to pay this debt over time.

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