Cant retire
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
One Response to “Cant retire”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
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.