entering into a consumer proposal

November 18th, 2008 by Questions

I am considering entering a consumer proposal. My student loan debt is about 38,000 and are not able to be discharged until Aug 2011. I have under 75,000 debt at present (including student loans) and was thinking I would enter a three year consumer proposal (I`ve been told about 700/month payment) and then consider filing for bankrupcy upon completion of the proposal. Any thoughts about this plan? Thanks!

Posted from: British Columbia


One Response to “entering into a consumer proposal”

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

You may want to consider the filing of a bankruptcy first. The reason for this is the bankruptcy has a more severe impact on your credit than a consumer proposal, so if you file the proposal after a bankruptcy it may effectively improve your credit a little.

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