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We do have a monthly income. Is a Proposal a good idea?

My husband and I have approximately $85,000 in unsecured debt from various credit cards including Revenue Canada, plus we are co-signers for an RBC student line of credit for our daughter. We do not want to sell our home which does not have much equity and and have very little other assets, but we do have a monthly income. Would you kindly let us know what you think our best approach to this debt. Thank you.

Posted from: Ontario

One Response to “We do have a monthly income. Is a Proposal a good idea?”

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

A consumer proposal will definitely be a good way to eliminate the interest, likely negotiate a substantial reduction in your total payments, and bring those payments down to a realistic level. So I think you are on the right track, but would recommend you contact a local trustee to make sure you are eligible, and that it will make sense given your current situation.