Credit Card Debt for Retiree
Irene is a retiree who had amassed over $18,000 in credit card debt. She had spent the money on household items and some medical bills and being on an old age pension, she was now unable to afford the repayments. Her husband was also on the pension and tried to help as best he could. Irene had never considered going bankrupt before and saw it as an undignified approach to dealing with debt. She was also afraid to lose her car. Unfortunately, her creditors were becoming more aggressive, and she didn’t know what to do.
We talked with Irene, explaining that bankruptcy does not mean the loss of her car, and that sometimes, in some situations, bankruptcy is the only option. Fortunately, Irene did have another choice. She was able to afford monthly payments for a consumer proposal, which satisfied her personal feelings about bankruptcy. We offered her creditors a reasonable repayment on what they were owed, they accepted the offer, and Irene is now on the path to being debt-free.
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.