Question Asked...
I am in the process of paying my debts through a credit counselling service . I have made payments for 2 years with 3 more to go.I have paid 20,000 dollars of the 60,000 original debt.
I earn $1800 a week . One third of my salary goes to the service. This leaves me with $2400 a month to live on . My credit report is a disaster . I would like to buy a home instead of paying a high rate. From previous bankrupt questions that I have read give me the impression that it might be possible to get a mortgage or keep your house if you were to declare banktruptcy. I understand that I won’t get a loan for an automobile or anything else. My credit is worse than if I had decided to go bankrupt. Do you think it is possible to purchase a house from a bank. What options are available through Canada Mortgage and Housing if any.Would it be possible that if I wanted to declare bankruptcy.. is it likely that a trustee would not permit me to because my salary is too high.I have no other assets and have only my salary.Thanks
Your situation is complicated, so you should meet with a trustee to determine if a bankruptcy is the correct option for you.
With your income a bankruptcy will be very expensive, so a better option may be a consumer proposal. It is possible to get a mortgage after your bankruptcy or proposal is over; you will require a higher down payment than someone with perfect credit.