best option

March 15th, 2009 by Questions

My wife and I owe about $75000 in unsecured debt and about $14000 in a car loan. We make roughly $90000 a year together. We are contemplating bankruptcy or a consumer proposal. Based on the info we `ve given, what do you suggest we do. And also another question, if we have to file bankruptcy do we lose our 2 vehilcles. One is worth about $4000 and the other is the one I mentioned above. Thanks.

Posted from: Ontario

Questions

One Response to “best option”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

As a general rule, if you can avoid bankruptcy that is the best thing to do. Bankruptcy is meant as a last resort. Having said that without looking at your monthly cash flow, without an idea of how stable your employment, heath or anything that could potentially disrupt that cash flow it is very difficult to tell you which option will fit your situation best. While from the sounds of it you should have sufficient to afford a proposal, there may be other factors that play into this decision.

The best thing to do is to discuss this in person with a local trustee.

In terms of bankruptcy and your vehicles, likely you would be able to keep both vehicles.

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