Husband just lost his job
March 20th, 2012 by Questions
My husband just found out his company is closing is 6 weeks and after 15 years he is out of a job. He will get severance for 15 weeks (about 10,00k) He has a 36k debt consolidation bank loan that I co-signed for. He also has 5k in credit card debt. I have a 12 k TD line of credit as well as 15k in CIBC and TD visa’s (combined). We also have an RRSP loan for 10k and a furniture (interest free credit) for 3k that we pay monthly payments on. In total we have 72k in debt and there is NO way I can cover all of this on my own or even with his UI payments when they start.
My question is, since I co-signed his loan can I file a consumer proposal for that debt as well as my debts? I’m thinking that he can’t file for a CP because of his severance and then UI (will be $300/wk). He’s planning on starting his own business and is hoping for re-training through UI. That won’t happen until next year. I take home 3400.00 per month and our mortgage/taxes are 888.00 plus all the other household bills. We are now losing 2500 per month without him working.
Please advise! Thanks
Posted from: Ontario