Please Advise…

January 3rd, 2011 by Questions

I am married, live in Ontario and have a mortgage that`s $40,000 more than our house is worth (it`s worth around $300,000 and has 3 yrs. left on term.). I`m also carrying $75,000 in credit card, L.O.C. debt in my name only. Should I declare bankruptcy or go through an alternative method. Thanks

Posted from: Ontario


One Response to “Please Advise…”

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

It is very difficult to make a specific recommendation without first sitting down and reviewing the specifics of your situation. So what I would recommend is contacting a local trustee and arranging a time for them to review things in more detail.

Having said that, it does look like a bankruptcy is one plausible option, but what it will really depend on is your monthly cash flow as the general rule is the more cash available after your living expenses the more likely you will be able to avoid a bankruptcy.

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