FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Comments

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

SEEKING DIRECTION

I have over $50K in debt, consisting of $42K in personal loans and $12K in student loans. I am currently making $1400 monthly payments and have been doing so for 2 years.

I have no personal assets, with the exception of a car which has $13K owing on it and is worth $12K. My plan is to sell the car and pay off the student loans.

I’m leaving the country and will not be able to continue making payments. However I want to return to Canada in a few years so I need to know what my options are.

I’m strongly considering bankrupcy and wondering where to start and what the legal implications are.

Thanks for your help.

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “SEEKING DIRECTION”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

The answer to this question is quite involved and unfortunately to long for me to detail via this blog. I recommend sitting down with a trustee (See the â€œFind a Trusteeâ€ on the left hand side of the page) to have him explain Bankrutpcy in detail. Based on the information you outlined, whether it is bankruptcy or some other route, you may be better off to do so prior to leaving Canada as it may allow you to rebuild your credit history quicker upon your return.