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Debt Repayment or Bankruptcy

I am currently taking part in a debt repayment program through our local credit counselling service. Because of a disability that is expected to be permanent, I struggle with trying to keep up with the payments. However, I don’t want to go the bankruptcy route if I can avoid it.
Is it better to continue in the debt repayment program, generally, even if it takes a longer period of time than it would be to declare bankruptcy?
Do you need money up front for a consumer proposal or would that work like the debt repayment to avoid the bankruptcy route?

One Response to “Debt Repayment or Bankruptcy”

A licensed trustee said...

Without knowing a great deal more about your situation I can’t advise whether or not it makes more sense to continue with your debt management plan or file bankruptcy.

You have hit on a very good compromise solution – perhaps a consumer proposal is the solution you require.

Why don’t you use the links on this page to contact a trustee where you live and ask them to review your options. Once you have all the information about proposals and bankruptcy you can decide which options is best for you.