Consumer Proposal/Bankruptcy – “The Easy Way Out”?
March 22nd, 2016 by Wendy O.
Are you reading this article because you’re seeking a solution to your financial difficulties? Gathering information on Bankruptcy or Consumer Proposal? Then you already know something that few people without financial problems realize – these solutions are not “the easy way out”.
It’s not that Bankruptcy and Consumer Proposal are terribly difficult (in fact, most debtors are relieved at how smooth the process turns out to be) – it’s that the decision to address your insolvency is not an easy one. In fact, it can be a very emotional time.
In the years prior to 2009, my finances fluctuated from “OK” to “definitely not OK” – moving back and forth. I had friends who, noting my distress, said, “just go Bankrupt!”
I felt offended at their suggestion that I “take the easy way out” – that’s how I saw it at the time. Ironically, I believed that although it might be easy for some people, it wouldn’t be actually easy for me, because I wanted to maintain the “honour” of fulfilling my original agreements with my creditors, no matter what.
Little did I know that most people have similar feelings, as they approach the time that they must act.
In 2009, circumstances forced my hand. The recession had come, and my strained finances reached the breaking point. Finally, like you, I seriously investigated Consumer Proposal and Bankruptcy. In fact I got my information right here, at Bankruptcy-Canada.ca!
My Proposal went very smoothly, and I completed it early, in 2013. Now, in 2016, my credit rating is back in the 700s. I have credit cards, but pay them off regularly. I now pay for life as I go, and it’s a pleasure!
What I Learned: Consumer Proposal and Bankruptcy Aren’t Easy, but Work Very Well
I felt the usual emotions when I first went to see a Trustee. I was embarrassed, and frightened that my situation was no longer under my control. Getting up the courage to go to my appointment was actually the hardest part.
However, the Trustee was very knowledgable and reassured me that my situation was very common, and nothing to do with my character. We looked at my debts, my household budget, and my income, and together we assessed my options. I was able to choose Consumer Proposal, since I had enough income to make regular payments.
Making payments for five years wasn’t easy – but it was certainly easier than struggling with all my individual debts! And my Consumer Proposal went by surprisingly quickly.
Bankruptcy and Consumer Proposal – Legal, Fair and Reliable Solutions
If you are considering Bankruptcy or Consumer Proposal, I recommend that you make a first appointment with a Trustee right away (it’s free), rather than worrying and losing sleep. You’ll learn the truth about which solution best fits your situation, and you won’t be judged.
Bankruptcy and Consumer Proposal are not the “easy way out” – they are legal, fair and reliable solutions that have been put in place to give honest debtors, like you and me, a new start.