I owe 31000 in credit card debt, and about $7000 in back taxes. I was previously discharged from bankrupcy 5 years ago. What are my options to deal with the debt? OPD ? I own a house- matrimonal share of assets are $25000 in the house, but there is a secured loan against the house.($1100 month payment on 2 vehicles and previous debt) How long will my credit rating be affected with a second bankrupcy, or the OPD program? Our family income just barely meets all the minimuim payments, and we will be short for the next 2 months.

Depending on the income available after payment of your monthly expenses, you could consider OPD, a proposal or a second bankruptcy. OPD and proposals will affect your credit record for 2 and 3 years respectively after completion of the program, while a second bankruptcy will be on your record for 14 years after discharge.

The debt secured by your home is not covered in any of the above programs and must be paid monthly or paid out from the sale of your home.

Ann Clarke
phone: (403) 296-2972
aclarke@alger.ca