Mortgage – no house
September 30th, 2011 by Questions
Hello, We have approx. $98,000 in debt and are finding that even though we are making payments of over 1200 per month (including interest) we are esentially spinning our wheels and it looks like we will be 8-10 years of these payments to get ahead – and that is if we can maintain this level of income. We have already met with a financial planner and have found that since my husbands income is sporatic we can not seem to make any more advances to our goals. (our debt has two sep. creditlines – 23000 and 16600 each and a mortgage that is just debt from credit line that was rolled over into a fixed interest rate(no assests from it) of 58000.
We are totally comfortable with having any excess income garnished for the bancrupcy period as we do feel that we should be doing all we can.
Our concern is that my husband is a sole proprieter of his buisness and has one full time employee. We have been able to pay our employee and make all installment and tax payments to the cra and pay all of our suppliers. Really the debt is all personal (from education and economic downturn) not buisness related And we have no other credit card debt as all debt is on the credit line.
Our main concern is what will happen with my husbands buisness. he has a great employee and does not want to lose him. Will he be able to keep on with his buisness and keep his employee during the bankrupcy proceedings? or does he have to disolve his buisness?
thank-you for your time
Posted from: British Columbia