September 7th, 2009 by Questions

Me and my wife have a debt of $70,000 in credit cards, line of credits and personal loans, all these in a failed investment. We have a very stable job in health care. We have a house worth $590,000 and owing the bank around $530,000. We don`t to refinance coz of the stiff penalty, plus the remaining equity wont be enough to pay our debts. We`re struggling to pay our debts on time and hoping if we`re qualified for a proposal. Thank you.

Posted from: British Columbia


One Response to “mercyme”

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

From the sounds of it you should have no problem qualifying for a proposal. The current limit for a consumer proposal is $75,000, but this changes on September 18, 2009 to $250,000 of non-mortgage debt. So at this point I would suggest you contact a local trustee and they will be able to assist you in putting a proposal together.

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