I need some financial advice - poll


I have large quantities of debt I required while manic. Now I have three choices as to what I can do. I can get a consumer proposal and pay off debt over 5 years at a reduced amount. Or I can get a bankruptcy. Or I can do nothing since I’m on disability they can’t take me to court or garnish my wages. They can however badger me in hopes they can get money. I don’t know what to do.

  • Consumer proposal
  • Bankruptcy
  • Nothing

0 voters



It depends on a few factors: 1) your current credit score, 2) the interest rate on the proposal, 3) your need to borrow money in the future



My credit score is tanked and really I don’t care. I’m never borrowing money again



You’ll get bad credit no matter what you do, but it will be bad the longest if you declare bankruptcy

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Okay. Then I suggest to file bankruptcy, but consult with someone who is knowledgeable and that you trust before doing anything.

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Creditors can pursue a judgment in order to try and collect from wages or assets, but an involuntary bankruptcy takes three creditors with clear debts, in the U.S. It isn’t usually worth it to force someone into bankruptcy which just proves that they can’t pay the debt, unless the creditor believes that you are hiding assets or income. You can voluntarily file a bankruptcy if old debt is making it impossible for you to find work, buy a home or improve your credit rating. If you really cannot pay, they have a limited amount of time to pursue a judgment or they lose the right to collect. That limit is usually up to 6 years and debts should fall off your credit record after 7 years.



Before filing bankruptcy, it is a good idea to make sure that your income falls below the level where they might garnishee it. Also, in Canada, I believe you can get a trustee for free if you are on assistance.



Bankruptcy is ideal if you’re not planning to buy anything big on credit for the next few years.



IDK. Pick whatever option that will be best for your future i.e. do you want to make payments for the next five years of your life? How will that jibe with your future plans for where or what kind of housing you plan on being in? Or how will that option affect your families future? Filing for bankruptcy was a lot better thing to do about 10 or 15 years ago before they made the rules harder and stricter. I don’t really know much about it except about 10 or 15 years ago I remember a lot of people with huge debts were scrambling around to file before they changed the rules. Nowadays it is no longer the best option. But do some research and see how this will affect your future down the road and take into consideration any plans you have for your\self and your family. I guess I’m just repeating myself but you might want to look into getting some kind of free or cheap financial advice from an expert. There’s non-profit organizations I’m sure who now all the rules and consequences of what’s available to you and could advise you. But yeah, you have to look at how your decision will affect you in the coming years.

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Hey @arlbar, you can usually get a free consultation with a trustee or with a credit counselling agency. I would do that first. No one here is an expert, really, and you should have the benefit of one.



You couldn’t really pay off much debt if all you have is a disability check. Disability isn’t for paying big bills, it’s for survival.


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