same amount of debt for over 10 yrs now…

August 4th, 2011 by Questions

Hi,
…between my c/c & line of credit, i’ve been in debt for $30,000 for at least 10 yrs. I find that I can only afford to pay the minimum amount & it only pays the interest but never the principal. As I turned 40 this year I’m starting to feel the depression due to my debts. I really would like to enjoy my life as a single guy but I cannot due to my debts. Is there a way that the government can give me a break to lessen my debt and pay them off sooner? Could I apply for bankruptcy? Thank you for responding.

Posted from: British Columbia

Questions

One Response to “same amount of debt for over 10 yrs now…”


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

Yes, the government has provided a way for you to lessen the debt. This is done by filing a bankruptcy or a consumer proposal. Both of these are court and government sanctioned processes to allow you to deal with your debt and return to living without the looming interest continually hanging over your head.

What I would recommend is to contact a local trustee and they will be able to help you understand how these processes will enable you to deal with the debt and reduce the stress you are currently burdened by.

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