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bad credit

we are both working me and my husband and we got a lot of debt just by living a way beyond our means and using credits for everything and realised now that we are in deep trouble- We want to file for proposal- How will creditors view this- Will they see it as fraud? It was just a very bad management of money from our part.

Thanks

Posted from: Ontario

One Response to “bad credit”

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

This is exactly the type of situation that a consumer proposal is designed for. Most proposals that are filed are a result of poor management and people living beyond their means. So I don’t think you will have to worry about the creditors accusing you of fraud, if anything they would prefer to see you pay a portion of the debt as opposed to filing a bankruptcy. So I wouldn’t panic about how the creditors are going to react, contact a local trustee and start working on a plan to deal with this debt, it should make you feel a lot less stressed just knowing that something is being done.