FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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My Financial Options

I really don’t know where to go from here. I have a lot of accumulated debt house bills and consumer debt. Most of my loans or credit cards have gone to 2nd party collections and I’ve been working with them to take a settlement, but I have so much debt and have so many agency’s looking for collection that I can’t even focus on doing my job because all I think about is how I’m going to pay of all this debt and get these creditors to stop calling me so much. Just when I thought I was making progress I received an appliction of money from my previous landlord stating I owe all this money for so called, cleaning, damages , and repairs to the unit along with a 1/2 a months rent on top of what I already owe when my lease ended before the 1/2 of month their charging me for. I’m to the point that I just want to go bankrupt and not deal with this stress anymore, but I don’t want to have to resort to that option if there’s another solution, I just don’t see one in my near future. Do you have any recommendations for what I should do? I’m about 50,000 in debt.

Posted from: Nova Scotia

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One Response to “My Financial Options”

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

A bankruptcy is one option, but there are other options as well. One of the most common ways to avoid a bankruptcy is through the filing of a consumer proposal. This is essentially a court sanctioned way to negotiate a settlement with the creditors that is paid over time (i.e. usually 60 months). The biggest difference with a consumer proposal than the type of settlement you have been working with is that there first is court protection that legally binds all your creditors. Second, you only need a majority of your creditors to cooperate with the consumer proposal and then it is binding on all your creditors and third by spacing the payment equally over 60 months it often alleviates a lot of the financial pressure. For reference, the average right now is that for most proposals is an offer of roughly 1/3 of your debt.

Either way, the best thing for you to do is to contact a local trustee and schedule an evaluation. For no cost they will be happy to sit down with you, evaluate where you sit and then walk you through things like consumer proposals, bankruptcies etc..