In Your Corner: My debt is out of control. Should I declare bankruptcy?

If you’re staring down the prospect of ballooning debt and worry you won’t be able to climb your way out, you might be wondering if or when you should declare bankrutpcy.

When a client sit down to discuss options, the first step is to make a list of debts and determine if they are manageable, he says. “If you’ve got debt, but it’s at a really low interest rate, maybe it’s not a big deal,” Hoyes says. The next option would be a consolidation loan, Hoyes says. If you have high-interest debts, consolidating those into a loan with a lower interest rate could make payments more manageable. Hoyes suggests working with your usual bank to see what options it will offer you, and cautions against shopping around for different loans because any rejected applications will count against your credit rating.

Lenders eill help you rebuilf your credit and many of your possessions are protected from creditors during bankruptcy. Consumer proposals another option but creditors dont take that much off the balance ...10 cents on the dollar

If you declare bankruptcy, you will destroy your credit record and it will take time to recover it (if ever). Ensure that you fully understand what bankruptcy means.

Absolutely, declare bankruptcy, let those that have demostrated respnsible spending pay for those that aren't, loads of assistance out there to help you and the consequences of bankruptcy aren't that severe at all, this is not to say that there aren't legitimate bankruptcies

Na, just ask Trudeau for another hand out. So many people are about to get smacked back down to reality in the next 2 years. Canadians have overspent and over leveraged themselves throughout the pandemic. 2023 reality check coming in HOT

Why are you asking a journalist?

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