Confused and in debt

June 29th, 2011 by Questions

I have about 22,000 in debt from Credit card and furniture purchase. I have joined a credit counselling company that has been helping me for about 10 months. I cannot afford to pay the monthly payment of 465/month anymore and thinking about bankruptcy, Please explain to me what will happen and can I do it and If I can, will I be able to purchase a home?

Posted from: Ontario


One Response to “Confused and in debt”

, A licensed trustee said:

You certainly have the right to file bankruptcy (or a consumer proposal). Without knowing more about your situation I can’t tell you what will happen, but whatever trustee you speak with will be able to give you a detailed explanation of what may happen.

I won’t lie to you, purchasing a home after you have filed for bankruptcy will be difficult. You are not likely to be approved for a mortgage for at least 2 years after your discharge, but the real problem will be the down payment. It takes time to save enough money to make the downpayment – this is what stops most people from buying a home.

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