FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Just getting by

Is it common at all for people to claim personal bankruptcy if they have not yet fallen behind on their bills but can barley get by with all the money that is going out ?
Also,if you have a leased car is that allowed to be kept and do you have to give up your home .Again ,not yet fallen behind and have been scraping by for the past few years but can’t keep going this way .
( the town-house has no collaterial )
please reply back,thank-you

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One Response to “Just getting by”

A licensed trustee said...

I don’t know that I would call it “common”, but a lot of the people that we see describe their situations in much the same way that you have described yours.

The underlying question you may want to aks yourself is “how much of my debt can I afford to repay”. Ideally, you should try and repay 100% of your debt if you are able.

That may mean applying for a consolidation loan or entering into a repayment plan (credit counseling for instance). If after considering these options, things still don’t look good, you might consider a proposal – a formal procedure where you offer to repay a portion of what you owe.

If this is still more than you can handle then you really should be thinking about bankruptcy.

I suggest you contact one of our local affiliates to discuss your situation over the phone or to book an appointment. You have options and the sooner you review your alternatives the sooner you can put together a plan to clean up your finances.