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”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
April 20, 2009 at 9:06 am, 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.