Do I stop paying my credit cards?

September 13th, 2010 by Questions

I am 62 years old and in debt $20,000. (credit cards) and have been only able to pay the interest aech month for a few years now.

I have lost my full time job and am now working only 3 days a week. With serious physical health issues I do not see myself being able to continue working and I will still be hugely in debt and unable to even pay off the interest.

I live with my childlren I have no material possessions.

I also have a 5 year lease on a car with 4 years left.
I also have a 5 year lease on a car with 4 years left.

My question is this: Is bankrukptsy the path for me? At some point I may have to simply stop making any payments at all. What will I face then?

Posted from: Quebec


One Response to “Do I stop paying my credit cards?”

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

If you are in a position where your income is limited and you are unable to continue making payments on your existing debts, then a bankruptcy may be exactly what you need. This will prevent your creditors from exercising any collection rights (i.e. seizure of bank accounts, harassing telephone calls etc).

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