Alternatives for Me

September 4th, 2012 by Questions

I lost my business, a DBA, a year ago and I have about 74,000 dollars of various debt from it. Most, 58,000, is on a credit card.

I do not want to file bankruptcy and would like to know some options.

I have a pension of 950.00 per month and I am able to work. I just recently moved to PEI to reduce my costs.

Posted from: Prince Edward Island

Questions

One Response to “Alternatives for Me”


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

There are a few options you can look at that will allow you to deal with this debt but still avoid a bankruptcy.

If you can afford to pay everything in full then you are best to look at a debt consolidation loan through your bank.

If you cannot qualify for that then the most common is a consumer proposal. This is an option that is done by a trustee, but is different than bankruptcy. What it does is allows you to negotiate to pay a portion of the debt over time, but it is done through the court system so it provides you protection that other “debt consultants,” can’t. So I would recommend if you want to avoid bankruptcy contact a local trustee and ask about the consumer proposal.

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