Is bankruptcy my best option?

November 9th, 2009 by Questions

I owe around $50,000 to Agriculture Canada for advance payments that I have been unable to pay. We sold our farm several years ago and have paid off most of our debts. As a couple, we owe a few thousand dollars to Crop Insurance. That is manageable. My husband has returned to school to take a trade that will be less physically demanding. I have been unable to secure full time employment and am now unemployed. I can`t see how I will ever be able to repay that debt as I am already 55 years old.

Posted from: Saskatchewan

Questions

One Response to “Is bankruptcy my best option?”



, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Given the limited amount of information available to me I am not in a position to commend whether or not a bankruptcy is the best option. My typical advice is that if there is a way to avoid a bankruptcy that is typcially best. However, the question is are you in a position where avoiding a bankruptcy is possible.

To determine if the filing of a bankruptcy is the best route available the best thing to do is to sit down with a local trustee. The will be able to explore your situation in more detail and help you determine if there are any other options that may work, and if not they will be able to help you understand what you can expect will transpire if a bankruptcy is filed.

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