What to do

September 2nd, 2011 by Questions


My wife and I have accumulated a lot of debt. 80 K unsecured. We make our payments on time but are constantly getting deeper in debt. We have a mortgage and a car loan we also pay on time. There is not much equity in the house. We are making the minimum payments with little chance of ever getting out from under this burden. Sometimes we are using credit cards to pay off other cards. Nobody is calling looking for their money and no collection agencies are calling . I guess my question is what would be the best option? My opinion would be a consumer proposal but you’re the expert. What are your thoughts?

Posted from: New Brunswick


One Response to “What to do”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

I would agree with you. Given the situation you described there is no need for a bankruptcy, but a consumer proposal will allow you to stop the interest, reduce the debt to a level you can afford and ultimately becomes a way to get out from under the interest that makes it otherwise impossible to move ahead. So at this point I would recommend you contact a local trustee and they will help you determine what type of offer will be necessary given your situation.

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