My options

In Anonymous Q & A, Money Management, Niagara Falls, Ontario by Questions1 Comment

I own a mobile out right. But have a townhouse that i have so far not been able to sell for an adequate amount of dollars to settle the mortgage and the fees. I have a debt of 5.000 and that is all. I also own a car outright. What are my options.

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  1. Doug Stuive, CA | Trustee | CIRP
    Doug Stuive, CA | Trustee | CIRP

    If the debt you have is $5,000 or less then you may wish to consider a credit counselling organization to help you formulate a budget or set you up on a debt management program. With this program they will work with your creditors to reduce the interest charges and set you up on a plan you can afford. If you are in a position where you wish to walk away from your town house because you can no longer afford the cost of living there this will increase your debt level. If you surrender the property to the bank it is unlikely they will be able to sell the property for enough money to cover what is owed to them. As you have indicated you are already having trouble with this and the bank will find it even more difficult as they will add on legal charges and property management fees once they take over the property. If this is something that you feel you need to do then a consultation with a bankruptcy trustee is recommending. They will be able to get a valuation for your car and determine if it will present an issue in bankruptcy. Bankruptcy laws do allow a person to own a vehicle outright depending on its value. There will also have to be a valuation done on your trailer. A bankruptcy trustee will have the expertise to help you determine the best option for dealing with your debt depending on your specific situation – even if bankruptcy isn’t the best choice.

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