Can a Senior File a Consumer Proposal or go Bankrupt?

retirement-signCan 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 formTo learn more please visit our YouTube  Channel.  Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.



Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Read more from our blog

Financial Aid(CERB) & the COVID-19 Crisis

What is the Canada Emergency Response Benefit (CERB)? This is a federal financial aid option to help business owners, employees, and self-employed get much-needed financial

Covid-19 and Flexibility for Taxpayers

The government of Canada is taking action in order to provide assistance and flexibility to Canadians facing hardship due to the Covid-19 virus. Not only