Welcome to Bankruptcy Coquitlam British Columbia

situation: income is $2,471/mo
and..I am 67 years old, healthy.
what are my options?

Answer: You have a number of options. First, you could attempt to repay the debts on your own, or perhaps get a debt consolidation loan to lower the interest rate you are paying. If you can't afford the interest payments, a debt management plan through a not for profit credit counsellor is also an option. Under those options you repay your debts in full, at a reduced rate of interest.

If you can't afford to repay your debts in full, a consumer proposal may be an option, depending on what you can afford to pay each month. Your total debts are $30,000, so it's likely that the creditors would accept a consumer proposal for $300 per month for 50 months, or about half of the total that you owe. The exact number you would offer would depend on the size of your family, and whether or not you own any assets, such as a house.

If you can't afford a proposal, a bankruptcy is also an option. Before deciding, you should consult a bankruptcy trustee for more information, and to set up a free initial consultation.

Labels: bankruptcy coquitlam, consumer proposal

We have no real assets, no expensive furniture, and no newer appliances or electronics. We can barely make payments and are not even keeping up with the interest on the loans. I am on EI due to medical reasons.

Answer: A student loan is discharged in bankruptcy if more than seven years have elapsed between the time you ceased to be a student and you go bankrupt. If your student loans are less than seven years old, they are not automatically discharged in a bankruptcy.

Labels: bankruptcy