0014 - Debt Related Queston: Bankruptcy Question # 0014

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QUESTION #0014:

I make the minimum payments required, or most of them, but my debts are staying the same, or increasing. Are there any other options besides bankruptcy for dealing with my debts?



ANSWER:

Consumer Proposals are an option for someone who can make some payment towards their debts. This is a legislated repayment plan filed through a Trustee, where the debtor offers to pay the creditors a set amount of money over a period of time. Depending on your income level and number of dependants, the Consumer Proposal may pay to your creditors anywhere from 10% to 100% of your balance, in a structured, interest free, one payment per month plan.