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credit card debts

I am 40,000 in debt and pay 1000 a month on my debt. I have 200 left to live on. I am a senior and cannot live like this anymore. Can you help me. I have been to banks to consolidate but they have refused.

Posted from: Alberta

One Response to “credit card debts”

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

I would recommend you contact a local trustee for a consultation. The trustee will review a number options, including:

Orderly Payment of Debt – a program much like a consolidation loan that pays debts in full but is designed for those who can’t qualify.

Consumer Proposals – a court sanctioned way to negotiate a settlement on your debt and make payments on it over time.

Bankruptcy – the quickest and cheapest way to clear your debt, but the one with the greatest impact on credit.

Arguable, when you are a senior I typically recommend bankruptcy as in your stage of life credit is less important than any other and all the other options cost more simply to protect a bit of that credit rating. But you may find you are more comfortable with the other options. That is whay you should review them with a local trustee so that you will understand what options exist an can make an informed decision.