I owe about 65k in unsecured debt. my payments are all up to date and i`ve had no late or delinquent payments. I`ve just been let go from my job i will not be able to afford to make even minimum payments … what are my options thanks

Posted from: Ontario

One Response to “65k”

A licensed trustee said...


1) Do nothing and see what happens – while you have no income there’s not much your creditors can do to you. Of course once you find work you’ll need to deal with this…

2) Consider a repayment plan – perhaps credit counseling or a consumer proposal. The problem with these plans in your current circumstances is that they require a commitment to a monthly payment that may last as long as 5 years. Without secure employment, a long term payment plan may not be a good idea…

3) File for bankruptcy – this will deal with the debts, but there are consequecnes to filing for bankruptcy and there isn’t enough infomration in your posting to describe how it may affect you.

Start by contacting either a credit counselor or a trustee for an assessment. They will review your situation and options in detail – then you can make an infomred decision about what you want to do.