| Author: |
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David L. |
| Date: |
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August 5, 2001 |
| Question: |
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I have been thinking about bankruptcy for awhile now. Everyone tells
me not to, and that it will look horrible on my record and that they
don't recommend it. Horrible it is all right, the feeling I get after
seeing my money all go into payments towards my credit cards.
Bankruptcy would only alleviate my debts thus leaving me only those
loans I owe to my mother. I got a loan of $20,000 to buy a car (which I
used) and owe about $7,000 in credit cards. What I make monthly is just
enough to pay the minumum payments, my debts keep growing. I am 22 and
being stopped from getting a decent education because I was forced to
get a full time job. Please provide me with your valuable advice as I
am going nuts. I am overwhelmed and think about robbing a bank at times
(joking, joking! I only have my sense of humor left) Will claiming
bankruptcy help me a bit even if it takes time to get back on my feet or
will it make it just worse?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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August 7, 2001 |
| Answer: |
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Bankruptcy in Canada remains on your credit record for 6 years from the time you are discharged. If you are unable to pay your debts after
paying your day to day expenses, then bankruptcy may be an option. You
may also be a candidate for the Orderly Payment of Debt program. I would
suggest you make an appointment with a Trustee for a free consultation
about your unique situation and options. Collins Barrow Limited in
Alberta can be reached at 310-8888, or check your yellow pages under
"Bankruptcy".
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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