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]
2025-06-19
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.
2025-06-18
The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.
2025-06-16
Bankruptcy Alternatives to Bankruptcy
Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.
