January 17th, 2012 by Questions
My question is if I should claim bankrupt if I am credit proof. I am self employed and last years income was $7000. I expect to earn less this year. I have no assets and really no employment prospects. I can no longer pay my credit card bills, line of credit, mortgage or camper trailer loan. I’ve been trying to sell my house for almost a year for 124000 which I owe $98000 on. I can’t find a buyer willing to pay that amount. I’ve been trying to sell my trailer for what is owed, 33000 and can’t find a buyer. It”s blue book value is around 15000. Should I be telling my credit cards I have no income and no assets, telling my trailer loan the same and just give my house and trailer back to the mortgage/loan holders. I don’t want to keep the house ….. it’s only worth what one is willing to pay and that seems to be what is owing. I don’t want the trailer when what is owing on it is twice what it is worth. Should I just explain my situation to the creditors that I have no real income and no assets to come after and leave it at that and not claim bankrupt? Will the credit cards, line of credit eventually right off the loss as a cost of doing business? I understand the banks will take back the house and trailer and that is fine by me.
Posted from: Ontario