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Unsecured line of credit

My unsecured line of credit is $50,000.00. I lost my job last August. I am 67 years old. The bank has issued a summons to pay in full with interest. I have a house, still have mortgage. I do not want end up in the street after working 42 years. Can you help? Thank you

Posted from: Ontario

One Response to “Unsecured line of credit”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Just based on the information provided it is difficult to say for sure, but it sounds like you may be an excellent candidate for either a consumer proposal or a bankruptcy. Either will prevent the creditor from being able to garnishee or take any other collection action, but deal with the outstanding debt at the same time. Which will be the best fit will depend on a number of things (i.e. cash flow, age, ability to pay, creditors in question etc.), but those are things best discussed with a local trustee.