Alberta Bankruptcy

Author:

Anonymous

Question:

I have lost my job but still have approx. 5000 in savings. I have not missed any payments but am 57 yrs old with no training and will be broke in two months. Approx. $25000 in Credit Card debt, $5000 in LOC debt and owe approx. 13,000 on a $9000 car. I probably owe back taxes to the gov't of 3 to 4 K. Own a condo with absolutley no equity. Should I consider bankruptcy. Thanks

From:

Alger & Associates Inc.

Date:

Jul 19, 2010

Answer:

You situation would dictate that you need some form of financial restructing and that could mean either a bankruptcy or proposal. If you have no income likely a banrkuptcy. If there is no equity in your home then it could be preserved in a bankruptcy but the Trustee would have to confirm the valuation.

Karen Rideout
phone: (403) 296-2973
krideout@alger.ca