November 4th, 2011 by Questions
I am 71 collecting ccp and old age pensions but still have to work to pay minium payments on credit card payments of 40,000 , is a consumer proposal best thing to do?
Posted from: British Columbia
November 04, 2011 at 9:31 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
A consumer proposal is one way to deal with this, but I would likely recommend you look at the filing of a bankruptcy. The reason for this is your age. Let me explain, at 71 I find that credit or the importance of having good credit isn’t usually a priority and protecting a portion of your long term credit is the main advantage of filing a proposal. Now this doesn’t mean that a consumer proposal wouldn’t work, but it may be longer and more costly than you need at your stage in life. Either way I would recommend that you sit down and discuss this with a local trustee and they will help you determine what route you feel most comfortable with help to alleviate some of this $40,000 burden you are struggling with.
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