never ending debt

May 9th, 2011 by Questions

I have $35,000 in credit card and bank debt and am able to make minimum payments but will never reduce my debt level. can i file for bankrupcy before i am unable to make my payments or do i have to wait until i am in serious trouble?

Posted from: British Columbia


One Response to “never ending debt”

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

Yes, as long as you owe greater than $1000.00 you can file for bankruptcy. But I would recommend that when you discuss things with a local trustee you should make sure to discuss the possibility of a consumer proposal. You may find that this proposal idea will help you to deal with your debt but also avoid some of the more serious consequenses of filing for bankruptcy.

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