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

2025-09-04

Will Bankruptcy Erase All Of My Debt?

Mary Plahouras Rob Shier

Bankruptcy

The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.

Read More

2025-09-02

How to budget when you’re living paycheque to paycheque

Caryl Newbery-Mitchell

Lifestyle Debt Debt Solutions

You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.

Read More

2025-09-02

MNP’s Atlantic Canadian guide to affordable fun

Lifestyle Debt

Have fun on a budget with our guide to affordable activities in Atlantic Canada.

Read More

Consultation icon