Consumer Proposal after Bankruptcy

I claimed bankruptcy in 2002, have been discharged – but my studen tloan debt survived. I am a mother of 3 (single) and cna not keep up with the demands for the 32K owing on the student loan. Plus I have other debts due to my relationship ending. a total of approx. 48K owing. Am I better to offer a Consumer Proposal or claim Bankruptcy for a second time? (I have been out school for over 14 years).

Posted from: Ontario

One Response to “Consumer Proposal after Bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

I always suggest that where possible the filing of a second bankruptcy. This is primarily because a second bankruptcy will have a significantly greater impact on your credit (R9 listed on the credit bureau for 14 years after you bankruptcy is discharged) than the first. As well it is more difficult to obtain a discharge from a second bankruptcy. So if possible a consumer proposal is a good way to avoid some of these negative consequences.