Consumer proposal without past negative credit bureau

April 19th, 2009 by Questions


I have about 55 000$ in various credit cards debts (about 5-6 cards). I have always payed my credit cards and loans on time and never been late in my whole life and i have no past derogatory credit history. My problem is I am in heavy debts and my salary is not high enough to pay all of these debts in a realistic time frame ( 5 years or less ) otherwise I`ll be probably spending the next ten years or so just paying those debts. I am thinking of filing a consumer proposal to avoid bankruptcy ( i.e loosing my condo, and work license ).. does this seems to be a reasonable alternative ? is consumer proposal only available when you had past negative credit bureau ( ex: collection, seizure , wage garnishment, etc..) ??

Thank you for your advice,

Posted from: Quebec


One Response to “Consumer proposal without past negative credit bureau”

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

A consumer proposal is one of the best and most common ways to avoid a bankruptcy. It often allows for a settlement of the debt that is paid over a period of time and permits one to avoid many of the downside of a bankruptcy.

As for whether your lack of a negative credit history will cause you any issues, this shouldn’t, if anything it will likely assist as the creditors can look at this as a sign of good faith.

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