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What should I do?

I have the following debt?
CIBC PLC $52,266.83
CIBC VISA $10,448.20
CIBC Overdraft $ 1200.00
Citibank MC $ 23,800.00
HBC MC $8200.00
I have a total debt of $95,915.03 I currently gross montly income $3201.60. This debt was accumulated by lending $20,000 to family members, unemployment and a move to new province.
What would you recommend I do a consumer proposal or bankurptcy. If I do a CP how much will the creditor accept for settlement?

Posted from: Saskatchewan

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One Response to “What should I do?”

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

You are clearely a candidate for a bankruptcy or a consumer proposal.. But I dont’ have sufficient information to be able to suggest which of the two is a better fit. What I find primarily determines what option we are dealing with is cash flow, the more cash you have available after your monthly expenses the more likely you can afford to do a consumer proposal.

Having said that, I would recommend you contact a local trustee, they will be happy to review the nessary details and help you determine what would be the best approach.