FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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I work to pay debt

I have 30,000 of Debt, I work 2 Jobs to pay min. payments. I would like some input on Consumer Proposal.
Thanks

Posted from: Ontario

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One Response to “I work to pay debt”

A licensed trustee said...

You are not alone these days – lots of people are working two, sometimes three jobs to try and get by these days. Filing a consumer proposal might help you.

The idea behind a consumer proposal is that you can afford to repay a portion of what you owe. It is called a proposal because you are making an offer (the proposal) to the people you owe and they get to vote on your offer. If a majority of the debt (in dollars) agree then it’s a done deal.

You need to offer your creditors the greater of:
(1) the amount you’d be required to pay if you filed for bankruptcy; and
(2) enough that your creditors will agree – currently that means about 1/3 of what you owe

So, use the links on this site to find a trustee in your area and give them a call. They will explain proposals in much greater detail and then you can decide if one will be right for you.