November 28th, 2005 by Questions
I have over $50K in debt, consisting of $42K in personal loans and $12K in student loans. I am currently making $1400 monthly payments and have been doing so for 2 years.
I have no personal assets, with the exception of a car which has $13K owing on it and is worth $12K. My plan is to sell the car and pay off the student loans.
I’m leaving the country and will not be able to continue making payments. However I want to return to Canada in a few years so I need to know what my options are.
I’m strongly considering bankrupcy and wondering where to start and what the legal implications are.
Thanks for your help.