Answer: The short answer is yes; now here's the explanation.
When somebody contacts our office because they are having difficulty handling their debt load, there are a number of options that we will review. The two options that you need a trustee for are a consumer proposal and personal bankruptcy. Either of these is a way of dealing with all of your unsecured debt. Unsecured debt includes credit cards, personal loans, lines of credit, income taxes AND payday loans.
Consumer proposals and personal bankruptcies follow the laws of the Bankruptcy Insolvency Act. One of the principles of this system is to give the honest but unfortunate debtor a fresh start. One of the other key principles is to ensure that the creditors are treated fairly and equally. That means that for you to get a fresh start, your creditors can't choose not to participate.
posted by Ian Martin @ 2:35 PM
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