Bankruptcy or Debt Consolidation in Alberta

It’s difficult to comment on what option would be best as I would like to know the value of the vehicle as well as the amount of the Old Age Security. What I can tell you, is a couple obstacles we commonly come across when individuals try to approach their credit card companies for relief of debt. The first is that they simply don’t have an obligation to reduce the debt or provide relief. And unfortunately, although some companies will agree and provide some form of relief, others will simply demand the original terms of repayment. The second obstacle is if there is more than one company that must be dealt with. On that case, one company agreeing to relief may not be enough to be able to clear the debt or even continue to pay ongoing expenses. A third option does exist which is sometimes best thought of as a blend between a bankruptcy and approaching credit companies, it’s called a consumer proposal. The bankruptcy aspect of it means there is legal protection and if accepted, your creditors are bound by its payment terms, whereas the debts are typically paid off at a fraction of what is owed. To get more detailed information on what a consumer proposal may look like for you, I encourage you to speak to a trustee. Not only can a consumer proposal be reviewed with you, but they’ll also go over the merits and consequences of filing bankruptcy.