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Can I keep my house and car and start over

I know my debts surpass my salary Big Time. I make my payments to all my lines and One major 25,000.00 card 1.99% which will be due for high interest in Feb 09……with all my other debts I cannot survive. Can I keep my house and car and start over??? My credit rating is very good as I`m never late. However, Time has come to face the music. I am now BLOCKED. I`m making payment one day and taking it back to balance my budget the next day. WHAT CAN I DO.? If I do the Bankrupcy thing will I lose my Face . Will the whole world know. I don`t want my grown kids to ever know. I am ready to live low but nobody needs to know. Please help me I don`t know where to turn. My husband is aware we have remortgaged our home to the TOP. 1400.00 per month plus 2000.00 a month in debts. We only make 3000.00 H E L P

Posted from: Quebec

One Response to “Can I keep my house and car and start over”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

Irene,

you have asked a number of specific question and due to the nature of these questions you are best to contact a local trustee. The reason for this is many of the answers to these questions depend on local practice and provincial laws.

However this I can tell you. Very few people who file a bankruptcy loose their house, often there is a way to arrange to keep your vehicle and only your creditors, your trustee and the superintendent of bankruptcy will be informed about you filing bankruptcy.

The best thing to do will be to contact the local trustee, sit down and together you will be able to find a way to deal with things in a manageable way.