should be retired, too much debt, no pension or assets
my husband and i are both in our early seventies. my husband is still working but his health will not allow him to work full time. we have a small government pension, few assets (at least not valuable ones) and are keeping our fingers crossed that my husband does not get ill. we do not own our home.
we often need a credit card to tide us over for living expenses. So far, we have managed to pay the minimum every month. My husband has a credit card, however, I do not. We owe about $80,000 on three credit cards over the years (necessities). We do not own a car, and only one cellphone. We have no cottage, no vacations, no insurance.
Would it be necessary for us to declare bankruptcy? We both feel there is much shame attached to this. However, we can see that we simply cannot pay off our debts in this lifetime and collection agencies simply don’t care that we really cannot pay. They laugh at the small amount we have suggested we can pay back every month and keep harrassing us beyond endurance. What do you suggest?
From the information provided it sounds that you may not have any choice but to file a bankruptcy. The important thing to remember is that the Bankruptcy and Insolvency Act was designed to help people in just your situation. It would be important for you to sit down with a trustee in your area to discuss your situation and allow him to help you understand all of your options. If you click on the Contact an Expert link, this will put you in contact with a reputable trustee in your area.