Bankruptcy and money in bank account
I was told by a credit counsellor that if I declare bankruptcy, I would only have to pay $1800 or $200 for nine months and I could keep my car. I don’t own a house or have any investments and only have a part time job. I have saved $4000 towards my $10,000 debt but just closed that bank account and had a money order for the $4000. Do I have to give the $4000 towards the bankruptcy? I need it to pay back a relative $1000 and to make it through the next few months until I can find another job. I do not want to include my husband in the bankruptcy. He has cancer and is on disability insurance and after the bills are paid he is broke for rest of month. The reason I was able to save $4000 was that for almost three years I was paying Canadian Debt Services $361.94 a month and they won’t contact the Scotiabank Visa people until I’ve paid around $7000 of the $10,000 I owe. Now they won’t reply to me after two phone calls and about five emails, so I decided to go bankrupt.
You have a complicated situation and you are relying on misinformation from credit counsellors, who may not be working in your best interest. Before you take any further steps you may wish to contact a Licensed Insolvency Trustee who will be able to advise you as to your options and help you decide what is in your best interest and not a credit counsellors best interest.