FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Confused about Options

I have about $105K in unsecured debt, about $115K in equity in my home and my mortgage is up for renewal in Jan/2013. Would I qualify for a CP? I also lost my spouse almost 2 years ago and he was on the mortgage at the time. A year ago I was told I don’t qualify for debt consolidation. Can you forsee this being a problem for my mortgage renewal next year.

Posted from: Ontario

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One Response to “Confused about Options”

A licensed trustee said...

When you offer your creditors a consumer proposal you must offer them at least as much money as they woudl receive if you filed for bankruptcy. Based on the information you have provided, a bankruptcy would generate at least $115K – the equity in your home. So your proposal will have to offer to repay the debt in full – it will stop the interest, but you’ll need to repay the full $105K.

It should have no impact on your mortgage renewal next year, but you might want to see about increasing the size of your mortgage to pay down some of this debt – or at least to make your proposal more manageable.