bankruptcy eligibility

November 11th, 2008 by Questions

I have about $90000 in credit card debt mostly cash advance which I lost in the stock market. The only assest I have is a van worth less than $5000. I am employed and make net about $2500 pm.
I am planning to file for bankruptcy, but scared that I will be denied the bankruptcy bankruptcy protection ?

Posted from: British Columbia


One Response to “bankruptcy eligibility”

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

Very rarely is anyone ever not considered eligible for a bankruptcy. The test one must meet is very simple, you must owe greater than $1000, not be able to meet your debt commitments as they become due, or the property you own must be insufficient to pay off all your debts.

As you can see meeting this criteria is very easy. Now this doesn’t mean that if you meet the criteria that a bankruptcy is the best way to go, but that is why it is important you consult with a local trustee to determine if the bankruptcy is the best way to proceed.

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