When is a person fit to declare bankruptcy?
If you have total indebtedness to four creditors, including a mortgage company, of about $180,000.00, and the sale of your house by one of these creditors will realise about $80,000.00, and your total joint monthly take home salaries (husband and wife), amount to $4,000.00, after a garnishment by CRA from one of the salaries and the resumption of the garnishment of another of the salary, and your only asset is a family car which values under $10,000.00, used for commuting work by husband and wife, would such a situation make you a worthy candidate for bankruptcy or Consumer Proposal, particularly when a five year limit for repayment of debt is the standard terms for the liquidation of such debt to your creditors?
From the information provided it does sound like a bankruptcy or a proposal would be beneficial, but it is difficult to give a concrete answer based on the limited information provided. I suggest you use the Contact An Expert link on the right hand side of the page to contact a trustee in your area who can meet with you to advise you further on your options.