Parents owe a lot of money

Need some advice here. Parents have a lot of credit cards with high monthly payments (minimums) required every month. Plus cars, mortgages, insurance etc…One of them is looking for work but not successful yet. Therefore one person is paying for all the bills in the household and things are not working out. What do you recommend? A debt management plan? Consumer proposal? Do they need to contact a credit councillor and do you know of good ones in Ontario? Thanks.

Posted from: Ontario

One Response to “Parents owe a lot of money”

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

This is a very difficult question to answer based on the limited information above. I would recommend you contact a local trustee to discuss these types of options. The trustee will have to look at who your parents owe the money, how much they owe, their current monthly cash flow, whether or not they have any assets that need to be considered and then they will be in a position to advise which options would be beneficial.