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

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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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75,000 in debts and two kids

These are very stressful times for my wife and me as we are expecting second child but the problem is that we are already in a serious debts (75,000). We are still able to pay our cards and lines of credits (minimum monthly payments) but I’m afraid that soon we won’t be able to pay, because my wife will go on the maternity leave (with great possibillity that she won’t return to her job as we cannot pay for a babysitting) and I have only PT job.
What do you recommend in this case, to file for bankruptcy (if possible) or to look for chance to ‘survive’ while filing proposal with the creditors?
I’ll really appreciate your answer.

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One Response to “75,000 in debts and two kids”

A licensed trustee said...

Whether you file a consumer proposal or a bankruptcy will depend largely on your expected income. If your wife is not returning to work in the near future, a bankruptcy may be the best option, unless your income is very high. However, the only way to know for sure is to contact a licensed trustee to review your situation and explain your alternatives, so you can make an informed decision.