I am a senior. How do I go about dissolving my debts?

November 21st, 2014 by Questions

I am on a low fixed income & a senior & owe over 25,000. No assets..no nothing…how do I go about dissolving my debts…what are the options I could persue..I believe that bankruptcy would be the best way to go. Please advise!!
Thank you..

Posted from: Ontario

Questions

One Response to “I am a senior. How do I go about dissolving my debts?”


, Doug Stuive, CA | Trustee | CIRP said:

Based on what you’ve told me about your situation bankruptcy is certainly an option to explore. Bankruptcy is meant to help honest unfortunate debtors get a fresh start by relieving them of the burden of paying their debts. Many people find it difficult to transition from employment income to retirement earnings. The reduced income can make it very hard to make ends meet and paying debts can create an added strain on the household finances. If after paying your regular household expenses you have no money left to put towards your debt payments then bankruptcy is a good option.

If you have the ability to afford a monthly payment but simply cannot afford to pay all of your monthly debt obligations then you may consider a consumer proposal. We would need more information about your situation to know if that option would work for you, but usually with a small pension income a bankruptcy is a better choice.

I would invite you to sit down with a licensed trustee in bankruptcy to learn more about how the process works. It is free of charge to get started and is confidential.

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