Considering for a while

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charlesp

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Considering for a while
« on: December 23, 2014, 10:10:21 PM »
Hey Folks. Local Hamiltonian here. I got a ton of debt. Almost $200k and I've been thinking of filing for a while. The only reason I haven't is because I live with my parents and pay little rent and have little income. Nobody has been able to take me away so to speak since I have nothing to give. Any thoughts if I should file. do these debts ever go away or are they on for life ? One is from a lawsuit and the other 2 is from a visa and master card.  Any thoughts or advice is appreciated.

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NotATrust-E

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Re: Considering for a while
« Reply #1 on: December 24, 2014, 02:26:53 PM »
In conjunction with my reply to your other question - I suggest you speak to a trustee. Again, here are my two cents:

The Limitations Act governs how long debts are collectable for. In general, my understanding is that debts don't go away, but creditors are precluded from collecting after a certain period of time passes. You might just be harassed by collection companies for an extended period of time.

If you file for bankruptcy, you get subjected to a series of federal and provincial laws.  As I mentioned in my other post, you might be bankrupt for a while - or as little as 9 months, as long as you play by the rules. I'll leave it to a trustee to suggest a course of action, but you'll have to decide if you want to do something about your debt or try and tough it out.


 

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