Dire Straits

October 22nd, 2009 by Questions

I have ballooning credit card debt due to employment difficulties during the past few years. I manage to make the minimum payments, largely from my credit line, but unless things change drastically I don`t see how I will ever be able to finance the interest myself, let alone pay down these debts.
I keep about $1000 in my bank account for monthly expenses and have about $2000 left in equities.
My questions are around these amounts.
In bankruptcy would I have to give up the $1,000 `float`? Secondly, could the trustee fees come out of any money from selling the equities?

Posted from: British Columbia


One Response to “Dire Straits”

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

The good news is that you will likely be able to keep your $1000.00 float. However, the fees and realization of assets are unfortunately separate issues. So you will loose the equities and you will still have to cover the costs of filing for bankruptcy.

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