About Filing for Personnal Bankruptcy in Canada?I have a question regarding bankruptcy; What can happen to someone who files for bankruptcy solely on credit card debt? someone with no mortgage, no loans from the bank, just basically, all credit cards- Can they seize your house or vehicle or woul they allow you to keep what you have already paid for and let... | |
Bankruptcy is a tough thing to do and to consider.
I would recommend going to see a local expert, but not only one. I would suggest going to 3 to see what they recommend.
I don't know of any Trustees in Bankruptcy who are going talk you out of a bankruptcy, but you should maybe consider trying to settle the debts yourself. If they are credit cards and they are unsecured (meaning not tied to a vehicle or personal property) you should be able to negotiate the settlement down. Some cases we've seen settlements made for only 10 cents on the dollar, others are 50 cents. It may take a while to rebuild your credit but the pain of a bankruptcy could be more grueling.
Talk to a local bank or credit union to see if they might do a consolidation loan.
It never hurts to ask.
I am from Winnipeg, MB Canada.
Good luck.
Victor
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