Do I qualify, with $35,000 Credit card debt

January 26th, 2012 by Questions

I have approx $35,000 in debit from Visa/Mastercard. Do I qualify for a plan?, how is it started, and does it effect my credit rating?
Also will I still have access to my credit cards during/after this process?
thanks

Posted from: Ontario

Questions

One Response to “Do I qualify, with $35,000 Credit card debt”


January 26, 2012 at 11:47 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

When looking qualification, at least for a consumer proposal) you have to owe greater than $1,000.00 and not be able to pay your debts as they generally become due (or if you sold all of your assets would be unable to pay your debts in full). So you can see it is very easy to qualify. However, during a consumer proposal you would not be permitted to retain any credit cards when you initiate the proposal (all credit cards must be destroyed or turned over to your trustee). But you can look at getting into another credit card during the proposal if necessary.

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