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