Bankrupcty, debt repayment which one?

August 5th, 2010 by Questions

We are currently unable to pay all of our monthly bills. My husband is the sole income earner. We have been just getting by for months and are awaiting a (hopefully) commission cheque from his work in the next few months and have up until this month been able to make our minimum payments. Most of our debt is credit card and from when he was out of work for 6 months last year and we had to use the cards. He earns about 90,000 now before taxes and our debt is about $120, 000. Not sure if we should try to wait it out and hopefully the commission goes thru and we can pay down some debt and keep making our payments. Almost all the debt is in his name just about $5000 in mine althought I do have spouse cards for a few. Appreciate your thoughts and insight!

Posted from: British Columbia
wait it out and hopefully the commission goes thru and we can pay down some debt and keep making our payments. Almost all the debt is in his name just about $5000 in mine althought I do have spouse cards for a few. Appreciate your thoughts and insight!

Posted from: British Columbia

Questions

One Response to “Bankrupcty, debt repayment which one?”



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

My advice is that if it is possible to avoid the filing of a bankruptcy that is the best thing to do. Now given the size of your debts you may want to consider meeting with a local trustee to discuss the filing of a consumer proposal. Given your level of cash flow this may be just the thing to help you get into a position where you are back on top financially.

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