Proposal or Bankruptcy?

April 4th, 2013 by Questions

Hi, I would like to know if I have debt over 280K (credit line, credit cards and store cards) have a job but can not make full payment the option would be bankruptcy or filing a proposal?

Posted from: Ontario


One Response to “Proposal or Bankruptcy?”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Whether or not the filing of a bankruptcy or a proposal would be better for you is difficult to determine with such limited information. But those options are definately available in a situation like this. To determine whether the bankruptcy or proposal is better suited to your situation I would recommend that you contact a local trustee. They will help you to determine what type of offer would have to be made in a proposal, whether it is feasable given your current circumstanes or whether a bankruptcy would be preferable.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)