FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Three different banks

I have debt with three different banks. I was able to have these, but due to unforeseen expenses these have all been maxed out. I am able to pay the minimum payment every month, but no more. I need to get rid of this debt. I do not own anything to leverage against. The total debt is more than my yearly earnings, but just. I am considering both credit counseling and bankruptcy. I understand both kill my credit for 6 years. Why would I not choose the bankruptcy option and build up my personal equity? Other than the fact I am not paying the debt that I created. I have a good paying job, and I expect a pay increase in the year.

Posted from: Ontario

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One Response to “Three different banks”

A licensed trustee said...

There’s a third option you should be considering – a consumer proposal.

Credit counselling is designed for people that can afford to repay their debts in full, but they need relief from the interest.

Bankruptcy is for people that cannot afford to repay any portion of their debt.

A consumer proposal splits the difference between the two – it is designed for people that can afford to repay part of the their debt.

They way you decide is simple enough – how much can you afford to repay? If you can afford to repay your debt i full then you should. If you can only afford to repay part of it then file a proposal. If you don’t have the ability to repay the debt at all then file for bankruptcy.