2009-12-09
Part of the technical definition to file for bankruptcy is that you owe a minimum of $1,000 in unsecured debts and are unable to pay them as they come due. Based on this definition.....you would qualify to file for bankruptcy. Whether or not this is the right option for you is something else that we should look at. There are several options available to a consumer. I know that your $2,500 debt might as well be $25,000 right now.....but given that it is relatively low, we should review these other options. They may range from just needing some advice in talking to your creditors, reducing interest rates, changes we could see in your budget, the orderly payment of debt program or perhaps a proposal. Bankruptcy may ultimately be the right option for you, but we should explore these other ones first. Would you be able to call one of our counsellors in your area to review the specifics of who your creditors are, and what your budget looks like? You can find our counsellors on our website at http://www.mnpdebt.ca/contact/default.aspx. Regards, Donna Carson, CGA, CIRP, Trustee Calgary and Red Deer, Alberta 1.877.500.0792 [email protected]
2025-10-06
MNP Consumer Debt Index
Ontarians’ financial vulnerability is intensifying as persistent economic uncertainty, concerns about borrowing costs, and employment anxiety weigh on household confidence.
2025-10-06
MNP Consumer Debt Index
The financial vulnerability of Saskatchewan and Manitoba residents is intensifying as their financial cushions shrink and more households edge closer to insolvency.
2025-10-06
MNP Consumer Debt Index
Albertans’ financial vulnerability is intensifying as persistent economic uncertainty, concerns about borrowing costs, and employment anxiety weigh on household confidence.
