which to do

May 20th, 2009 by Questions

my wife has large credit card debts. total card debt is $30000. she has a unsecured line of credit at the max at the bank $18000. The house we live in is in my name only, no morgage. She has tried to get a debt consolidation loan at her bank but so far it has been turned down (the would like to morgage our house and 160 ac of land). I farm and show very little income on my own tax form. The farm is in a limited company and i am the major share holder. It pays all the utillites and ins and land taxes. She has a loan that i am co signer on also about $7000 I make the payment. Between child care for 2 and her payments she is getting behind more every month. she make about 3200/month. She has some rrsp investments about $16000 not locked in. would a consumer proposal be a option. or personal bankruptcy or try a diff lender for a debt load.
has a loan that i am co signer on also about $7000 I make the payment. Between child care for 2 and her payments she is getting behind more every month. she make about 3200/month. She has some rrsp investments about $16000 not locked in. would a consumer proposal be a option. or personal bankruptcy or try a diff lender for a debt load.
BJ

Posted from: Alberta

Posted from: Alberta

Questions

One Response to “which to do”


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

In this type of situation aconsumer proposal may be an excellent way to avoid a bankruptcy, but this is difficult to tell without sitting down and reviewing the details of her situation in more depth.

What I would recommend is that you contact a local trustee, all the trustee’s available through this link provide an initial consultation that is free of charge and has no obligation associated with it. I think you will find this is just the thing you need to provide the advice and direction you are looking for.

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