50000 In Debt Whats My Best Option

2010-12-12

 Your best option depends on what your income is and what you own.  If, based on your income and assets, you can pay the debt over time, but not the associated interest, a good credit counselling program might be the answer for you - lower payments, lower interest.  If you know that you can't pay the full amount of the debt (even if there was no interest on it), a Consumer Proposal can reduce your total debt to a percentage of what it is right now (and it also eliminates the interest).  If that would still be too much for you to manage, then a bankruptcy may be the right way for you to get out from under the debt.  Any of these options will give you a clean slate - if you want to discuss things in more detail, feel free to give me a call. Judy Scott Trustee - Meyers Norris Penny Limited Port Moody - Burnaby - Maple Ridge BC 604-949-2113 [email protected]

Latest Blog Posts

2025-11-13

Stigma of Debt: Your Questions Answered

Wesley Cowan John Athanasiou Tara Silliker

Debt Solutions

Many may feel ashamed, embarrassed and completely overwhelmed about their debt. People experiencing debt-related stress often suffer from many associated health issues, such as sleepless nights, headaches, tension and more. And feeling out of control when it comes to managing their debt payments often prevents people from taking control of their financial situation. Not all debt results from overspending, living beyond one’s means, frivolous behavior or money mismanagement. To answer your questions about the stigma of debt, and to learn about the options available to you, tune into our Stigma of Debt VLOG series below with MNP's Licensed Insolvency Trustees.

Read More

2025-11-12

Six tips to spend smarter this summer

Joey Zanni

Bankruptcy Consumer Proposal

Summer fun doesn’t have to come with a hefty price tag.

Read More

2025-11-11

Who will know I’ve filed for Bankruptcy?

Jean-Francois Cliche

Bankruptcy

You may be considering filing for Bankruptcy — and worried about who may find out. Learn who will be notified when you declare Bankruptcy. 

Read More

Consultation icon