Retired Person -Bankruptcy

January 6th, 2009 by Questions

I am a retired person. on just a pension and OAS. I have about $30,000. in Credir Card debt that has built up over a period of some years. I was just paying the interest and the Minimum Payment, but with the interest at 19% & 20%. the debt just kept getting larger. I am not able to pay this now. I would like to declare bankruptcy. Does my Pension become endangered.

Posted from: Quebec


One Response to “Retired Person -Bankruptcy”

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

No your pension should not be at risk by filing a bankruptcy. It will be taken into account when determining the amount you are required to pay each month, but assuming the pension is set up correctly is protected (considered exempt from seizure) and you shouldn’t need to worry. To get an idea of what that monthly cost of the bankruptcy will be I suggest you contact a local trustee.

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