No Assets to lose

August 4th, 2009 by Questions

Hi there,
I have debt of 15000, plus a student loan of 8000. I`m going to be moving soon and can`t say for sure if I will have the means to make my payments. I`m having enough trouble as it is on a salary of $35, 000, which could very well be less once moved. I don`t drive and I rent, so I am thinking of bankruptcy. This is all new to me. Does my situation seem best suited for bankruptcy vs another option?

Posted from: Alberta


One Response to “No Assets to lose”

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

It is tough to say whether or not the filing of a bankruptcy is the best solution without sitting down and reviewing things in more detail. However, from the sounds of it the filing of a bankruptcy is definitely one of the options that needs to be looked at.

The only concern that I have immediately would be your student loans. There are special rules surrounding how the filing of a bankruptcy and student loans operat that will be important for you to discuss with a licensed trustee. But essentially for your student loans to be cleared you must not have attended school in the last 7 years. If you have attend school in this period the student loans will survive a bankruptcy.

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