November 2nd, 2009 by Questions

I am in so much debt and can not afford to pay anymore. Do I have to be months behind in payments or can i declar bankrupt before I fall behind.. I have been using credit cards for bills etc. and they are all maxed out now.

Posted from: Ontario


One Response to “Wondering”

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

You are eligible to file for bankruptcy as long as you owe greater than $1000.00, live in Canada or have lived in Canada in the last 12 months, the total value of your property is insufficient to pay all of your creditors in full and are you unable to pay your debts as they become due.

These eligibility requirements really focus on your ability to pay and there is nothing dealing with how fare behind you may or may not be. To investigate this process you are best to contact a local trustee and they will be able to help guide you through the process.

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