thinking of Consumer Proposal

January 5th, 2011 by Questions

I am thinking of filing a CP. I cant deal with my monthly payments being so high every month. With my monthly income, I cant break even. As day passed by I feel the stress start to built up. My bank account starts to be on a negative sign. I owe almost $40,000 on CD, LOC, and Personal loan.
I have a lease to own car and I am wondering if I will lose it if I fill CP. Please I need your advice before the stress damages my health. Thank you in advance!

Posted from: Quebec


One Response to “thinking of Consumer Proposal”

, A licensed trustee said:

Let’s start with the car – as long as the lease is current when you file the proposal (or bankruptcy for that matter) and you keep it current then the leasing company may not come and take your car. Frankly, they don’t to – they’d much rather you made payments.

In regards to the proposal, it may be the right answer for you. The next step is to speak to a trustee in your area. they will assess your situation and explain hom consumer proposals, bankruptcy and credit counselling work. Then you can decide which solution makes the most sense for you.

the hardest part is making the first call to speak to some one about your finances… good luck sorting things out.

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