curious
i have a question. is it possible to make a consumer proposal where i pay the principle off in a 5 year period without paying interest. as i really do not care to file for bankruptcy. i just find myself behind the 8-ball financially at the moment and am about to be laid off from a decent paying seasonal construction job that i have worked at since the start of may, but unemployment doesnt pay well enough to keep up my rent, child support and credit card and lion of credit payments. until i find another job. please tell me there is a light at the end of this dark tunnel i find myself in right now. the duress is driving me nuts. sleep is being affected.i truly do want to pay it off my debts. as morally i feel obligated to my debts. my divorce was costly and i will not ever leave my child support payments as a unimportant payment.
Posted from: Manitoba
You can definately do a consumer proposal where you pay the debt in full, but it may be less expensive to look at a debt management plan that is provided by a credit counselling service. The problem with the consumer proposal is that if you are paying the debts in full you would also have to consider the administrative cost on top of that.
The best thing to do is to contact a local trustee, explain that you don’t want to file bankruptcy and ask them to help you find the best alternative. The will look at the specifics of your situaiton and determine if a consumer proposal would be the best way to handle this.