Have acquired a large amount of debt (30 grand) over the years from injuries preventing me from working consistently and stupid spending habits/bad money management. Ive been speaking to a debt trustee about my options and I have two, file for bankruptcy or open a consumer proposal which are similar in some ways.
Bankruptcy for those who don't know is you don't pay any of your debt back, they look at your assets and make sure you're not hiding any c63 AMGs, your credit rating is fucked for 7 years after. Some other things I'm forgetting but that's essentially it.
A consumer proposal is where you pay about 50% of your debt back, none of your assets are a factor, and your credit rating is only fucked for about 3 years STARTING the day you pay that 50% back.
Because I have assets like cars and guns I'm sort of leaning towards a consumer proposal. But someone said I should be careful and possibly reconsider that because it may be very difficult to get a mortgage/rent a place down the road.
With the current state of this country and the fact nobodies bank account is truly safe anymore I'm wondering what your guys thoughts are on the matter? I was thinking if I do a consumer proposal, become debt free, I will still have money left over because it's only 50% of the 30 grand I currently owe and then I could put the rest of my money into some sort of crypto.
Bankruptcy for those who don't know is you don't pay any of your debt back, they look at your assets and make sure you're not hiding any c63 AMGs, your credit rating is fucked for 7 years after. Some other things I'm forgetting but that's essentially it.
A consumer proposal is where you pay about 50% of your debt back, none of your assets are a factor, and your credit rating is only fucked for about 3 years STARTING the day you pay that 50% back.
Because I have assets like cars and guns I'm sort of leaning towards a consumer proposal. But someone said I should be careful and possibly reconsider that because it may be very difficult to get a mortgage/rent a place down the road.
With the current state of this country and the fact nobodies bank account is truly safe anymore I'm wondering what your guys thoughts are on the matter? I was thinking if I do a consumer proposal, become debt free, I will still have money left over because it's only 50% of the 30 grand I currently owe and then I could put the rest of my money into some sort of crypto.