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Bankruptcy Calgary Edmonton Q&A Forum



Hi, I have worked all my life & have had good credit for years! In Aug-2014 I was forced to take a medical leave from work due to developing a blood clot. While in hospital I was diagnosed with a degenerative spine condition that I am currently in physio for... I was let go from my job on June-1-2015 while still on med leave! I have been augmenting my lowered income for the past 10 months by living off my savings & credit, while continuing to pay my credit card minimums always on time. However, all is maxed out now, savings is gone (current debt is approx 32000$, all of which is credit cards) & I'm still not cleared to return to work. Actually, I may never again be able to hold a full-time job based on the deterioration of my spine. I now receive just over $600/mnth from Alberta Works. Yes, that's all! Would greatly appreciate if you could advise as to what my options are...? Or is my only option bankruptcy? Thank you, Joanne



Grant Thornton Limited



Jun 18, 2015



Hi Joanne, An option for the meantime could be not doing anything. You may want to address the debt and payment options once there is a consistent source of income. This option will affect your credit rating but will leave you with the most money available for living expenses. The second option is to look into bankruptcy and the bankruptcy assistance program. This allows you to receive financial relief based on your financial circumstance. This will also lower your credit rating and there are duties that you must complete before you are released from the debts. Option three would be a payment plan arranged as a consumer proposal. My hesitation is that you currently don't receive very much money from Alberta Works and a consumer proposal forces you to make a payment arrangement for a maximum of 60 months (5 years). Please do not hesitate to contact my office to discuss the above options in detail.

Susan Methuen
T 403-310-8888


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