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3 out of 5 ??

I have 5 banks i owe $ 140,000. (unsecured)
If i do not pay, monthly, the largest 2 banks debts of $ 97,000, but continue to pay the 3 bank debts of $ 43,000. My monthly debt payments will be 30% of current payments, to all 5 banks.
I have no car $ 1,000 value, no home, no real household assets, other than my RSP and LIRA which i will move to a non debt owed institutuion What is my worst that can happen

Posted from: Ontario

One Response to “3 out of 5 ??”

A licensed trustee said...

The worst? I suppose anyone of your creditors could take you to Court and ask for an Order allowing them to garnishee your wages.

If you can afford to repay a portion of the debt perhaps you should speak to a trustee about filing a consumer proposal. The proposal will deal with all of your debts, likely for the same payment you were going to make on just the 3 smaller items.

Use the linkson this site to find a trustee in your area and contact them to discuss all of the options available to deal with your debts.