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”

, 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.

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