FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Do I stop paying my credit cards?

I am 62 years old and in debt $20,000. (credit cards) and have been only able to pay the interest aech month for a few years now.

I have lost my full time job and am now working only 3 days a week. With serious physical health issues I do not see myself being able to continue working and I will still be hugely in debt and unable to even pay off the interest.

I live with my childlren I have no material possessions.

I also have a 5 year lease on a car with 4 years left.
I also have a 5 year lease on a car with 4 years left.

My question is this: Is bankrukptsy the path for me? At some point I may have to simply stop making any payments at all. What will I face then?

Posted from: Quebec

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One Response to “Do I stop paying my credit cards?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you are in a position where your income is limited and you are unable to continue making payments on your existing debts, then a bankruptcy may be exactly what you need. This will prevent your creditors from exercising any collection rights (i.e. seizure of bank accounts, harassing telephone calls etc).