November 26th, 2009 by Questions
A year ago I was working in Panama. Me and my girlfriend had a child and bought a small place to live in for $28,000. Not much later I lost my job and had to return to Canada for work.
I became disabled and now are unable to work full time. I receive $800 a month government support. This money helps me get by each month. Because of personal reasons my girlfriend cannot come here to Canada and I send money to help out my girlfriend and child.. I`ve cut down to the minimum standard of living but I go a further $1500 into credit card debt each month with all the obligations.
I don`t think I can change this financial situation around. I am now close to $38,000 in credit card debt.
I don`t want to declare bankruptcy. What would be my options. Are there any options where the dwelling in Panama could be left alone.
Posted from: Ontario
One Response to “foreign property”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
November 27, 2009 at 9:32 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
While there are often a variety of options to bankruptcy, including the filing of consumer proposal, arrangements through credit counselling, or sometimes even a consolidation loan. The problem is for these to be realistic options you need greater cash flow then you have.
With limited cash flow a bankruptcy is likely the only one that will fit into your financial picture.
I suppose you could also consider selling the property in Panama and using that to pay down your Canadian debt, but the question is will the proceeds be sufficient to do this?