May 10th, 2009 by Questions
I have a complex situation that I need help with
My wife and I have approx 80K in Debt not incl Mortgage.
My Wife – Visa 30K, Visa 3K, Dept Store 7K, LOC 20K = 60K
Me – Loan 8K, Loan 6K, Visa 1K, MC 600, PayDay Loans 1K = 16K
*Our mortgage is 262K and monthly payments are 2057 incl prop tax.
Wife – 2400/month
Me – 1600/month (currently on EI – recently laid off)
Payments are 2200 + 2057/Monthly – this number does not inlcude transportation, groceries, utilities, and our 1 yr old daughter.
Our current income does not support the payments required to maintain our debt load and are seeking options. Our credit is bad so consolidation will not work anymore (been there done that). We do not have any equity in our house as yet and we have not been living here a year. There is a 30K penalty that will need to be paid out in the event that we sell. We only put 15K down on the house and with the We can remove the penalty if we port the mortgage a bigger property but with no assets and all this debt – highly unlikely.
I`m looking for options and also recommendations for our current situation. My wife and I have agreed that bankruptcy may be the only way out and we are willing to go this route but it is definitely a last resort. We have already contacted our creditors to inform them of our situation and they won`t budge. We don`t have the money to pay them and it`s very odd that they won`t lower our rates/payments or assist us in this time. I figured they would want their money/interest no matter how they get it.
If anyone can provide some insight on this it would be great.
Posted from: Ontario