Bankruptcy vs. proposal payments and fees

My husband and I think that the smartest solution to our financial issues to for me to declare bankruptcy and for him to do a proposal (he has to be bondable for his job)but the bankruptcy expert we saw said that it would be more expensive for us than if we both did the same thing at the same time. Can you explain why and wouldn`t this only true during the 9 months that the bankruptcy fees are being paid? And then we would be just dealing with the proposal payments? Correct?

Posted from: Ontario

One Response to “Bankruptcy vs. proposal payments and fees”

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

The reason it may turn out to be cheaper is that if you have a significant portion of your debt that is similar it is often possible to file a joint bankruptcy or proposal. As a result you may be able to reduce the administration expenses and end up saving yourself a little money.