Can a Senior File a Consumer Proposal or go Bankrupt?
There are no rules that prevent anyone from filing a Consumer Proposal just because you are 65 years of age. With today’s average of $69,000 in unsecured debt for those 60 years and over, the need to take action is important. The advantage that a senior has is that their pension income is a constant cash flow which can be used to finance the payment required for the Consumer Proposal. As well, creditors seem willing to accept a more reasonable (i.e. lower) settlement than they would if the offer to settle comes from a younger person. When every dollar counts, it pays to take advantage of anything you can.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.