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Worried and wondering about a consumer proposal

We are a married couple with income over $140K per year, we have about $80,000 in consumer debt a monthly mortgage of $3300 including taxes and 2 car leases of approx $1,535.00 per month. We have tried a HELOC with the bank and it was approved but not by CMCH as our area is brand new and they cannot assess the property properly, we don`t want to lose the house, payments have never been late on the mortgage but we are struggling with our consumer debt. We have gone bankrupt in the past in 1996. Would a consumer proposal be the right solution for us

Posted from: Ontario

One Response to “Worried and wondering about a consumer proposal”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

A consumer proposal is a good way to avoid a second bankruptcy, and I would encourage you to contact a licensed trustee to discuss this as what it is going to come down to is your monthly cash flow and whether or not you have sufficient left each month to make a reasonable payment towards a consumer proposal.