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Drowning in debit and need help

My husband and I have had a few bad years. Between layoffs and illnesses, we have amassed a large credit card debt. We were using one card to pay another, by food, etc. With 4 small kids and trying to upgrade our education so that we would be in a better position financially, it hasn’t been easy.
We want to file a consumer proposal instead of bankruptcy. Our children need a roof over their heads and it has just been so hard. Our debt load is 70,000 between the both of us.
Do you think that a consumer proposal would help us out?

Posted from: Prince Edward Island
CATID10

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One Response to “Drowning in debit and need help”

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

From the sounds of it the filing of a consumer proposal may be just the way to deal with the finances in a reasonable manner but still avoid a bankruptcy.

However, it is difficult to know for sure without sitting down and doing a proper review of your finances. What I would recommend is that you contact a local trustee, schedule a time for an evaluation. There is no cost to do this and it will allow you to get a better idea of how a consumer proposal works and what type of offfer will be required for your creditors to come on board.