Doing the right thing

First off thanks for offering such a great web site on this sensitive topic. I`m facing financial difficulties and running a now running a monthly deficit. I own a house (little equity) and lease a car with no late bill payments yet!

I`ve contacted my real estate agent and thinking of selling the house (would make approx. $5000.00 after fees) rent an apartment in the city and not re-new my car lease (use Car Share). By reducing my monthly costs (mainly on the vehicle expense) I would free up more cash for a potential consumer propoal. Would my actions be considered beneficial versus bankruptcy and possibly keeping the house/car? I want to at least pay back

Posted from: Nova Scotia

One Response to “Doing the right thing”

A licensed trustee said...

The steps you are describing sound practical – reducing your expenses when times are tough always makes sense. Before you decide to do these things, you may want to speak to a trustee in your area. If yu intention is to file a proposal then you may not have to sell the house – dependign on your income it may make more sense to keep it.

research all of your options then you can make an informed decision about what to do for you and your family.