Bankruptcy or not? That is the question.

March 30th, 2006 by Questions

I’m 24, recently the government has garnished my wages. I owe Taxes of 20,000 + and have other outstanding debts, combined equaling about 40,000.with the taxes owing.
I’m worried if I claim bankruptcy that I will risk losing my car and stereo equipment within.
I live in Ontario, the car is worth about 5,000. [financed through a Credit Union] and the equipment is worth about the same. [financed through City Financial & Fargo Wells]. I don’t have a house or anything else of any value except personally owed tools to do my job. Without a car my job is up for grabs.
What should I do?

Questions

One Response to “Bankruptcy or not? That is the question.”



, Anonymous said:

YOU SHOULD DECLARE BANKRUPCY YOU HAVE NOTHING TO LOOSE,

WITH THAT SAID IF YOU HAVE A RRSP YOU WILL LOOSE IT, LIFE INSURANCE MAKE SURE ITS LOCKED IN . YOU ARE ALLOWED TO KEEP A VEHICAL IF ITS WORTH LESS THEN $5000.00 IF ITS NOT THEN YOU PAY THE DIFFRENCE TO THE TRUSTEE TO KEEP IT, IF YOU WANT TO FORFIT IT , THEN YOU LOOK AT LEASEING A BEATER FOR UNDER 200 A MONTH .

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