Bankruptcy in Retirement

October 10th, 2010 by Questions

I am a pensioner in debt with credit cards going through a credit counseling company to pay off these debts. One of the credit card companies have refused to be part of the program. It will take 88 years to pay off this debt at minimum payment. I am 71 years of age! What is my best option under these circumstances to get rid of this debt?

Posted from: Alberta


One Response to “Bankruptcy in Retirement”

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

While it is difficult to say what your best option is with out sitting down to review your situation in more detail, most instances we find that when you are retired and living on a fixed income most often a bankruptcy is the best fit. The biggest reason for this is that the advantage of all the other options is largely protecting a credit rating, but when your retired often credit rating is a very nominal consideration. As a result there is very little incentive to look at consumer proposals or any other of the options that exist. But to know that for sure you are best to contact a local trustee so they can review things in detail and advise you according to the specifics of your situation.

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