swimming in debt
January 6th, 2010 by Questions
I am thinking of claiming bankruptcy, I am 65000.00 in debt in unsecured loan, credit cards and line of credit. I dont want to lose my house in the process as i just got it in 08. I havent been able to make some of my payments on the unsecured debt and i have creditors phoning. I feel very overwhelmed with the situation and on the point of breakdown, what would your suggestion be? This situation is all due to a divorce.
Posted from: Alberta
One Response to “swimming in debt”
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.
January 07, 2010 at 10:35 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
It is difficult to provide any direction without more information about your situation. So what I would suggest is you contact a local trustee so they can review your situation in more detail.
However, just so you are aware, your house will only become an issue if you have greater than $40,000.00 equity in it, as this is the amount that is protected under the Alberta Civil Enforcement Act.