How do I know if we are insolvent?
December 15th, 2014 by Questions
How do I calculate whether we qualify as insolvent? Together our gross annual income is $118K, and our take-home pay of $5677 monthly. Our mortgage is $195K with $181K remaining. We each have separate credit cards and lines of credit, but all together our debt totals about $85K. Monthly debt payments are $1400 – this is just us making the minimum payments on credit cards and paying the interest on the lines of credit. We are struggling to meet all our monthly household bills and debt payments and have no savings. Any emergencies or unexpected expenses have to go on our credit cards.
Posted from: Nova Scotia
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