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Unsure of what to do

I filed a consumer proposal back in the mid 1990’s because I had student loan debt that could not be repaid. Now, almost 20 years later, my wife and I have a combined $60000 in credit card debt and a personal line of credit. We make the payments, but we end up using more credit to live, because we don’t have the monthly income to cover living expense AND debt. What will the consequences be if I make a second consumer proposal? What about if I were to declare bankruptcy?

Posted from: Saskatchewan

One Response to “Unsure of what to do”

A licensed trustee said...

There are no specifc consequences to filing a second proposal beyond those associated with filing your first proposal – your credit record will be impacted and you will lose access to unsecured credit.

If you decide to file bankruptcy, it will be treated as your first filing (the previous proposal doesn’t affect your filing), BUT if for some reason you end up in Court at the end of your bankruptcy, the Court will take into account your prior proposal and impose a stricter penalty on your discharge.