Difference between revisions of "I Don't Have Enough Money to Pay My Debts"

If you pursue a formal '''Proposal''' or '''Bankruptcy''' itself, you will need a Trustee in Bankruptcy to assist you. [Try the Yellow pages of your phone book under “Bankruptcy” or see #4-Bankruptcy BC in Part 2 of this Guide for contact information for Trustees in Bankruptcy]. Most of your creditors will have to agree to a formal Proposal. In a Bankruptcy, your assets (except for necessities like clothing, medical aids, furniture, appliances, work tools, an inexpensive vehicle and sometimes your residence) are turned over to your Trustee, who will use them to pay off some of your debts. Once you are “discharged” from bankruptcy (usually after 9 months) the bankruptcy debts will be cancelled. You will find it difficult to borrow money for a number of years after a bankruptcy.