June 19th, 2012 by Questions
Hi There, we are in serious debt approx 140k in credit card debit and line of credit. We also have mortgage, car and trailer and hot tub payments. my question is what would be the best solution for us?
there’s no equity in house as we remortgaged about 2 years ago..
Is there anyway we can keep all our assets and pay off our debt with no interest? or can we file consumer proposal but keep our house, trailer and hot tub payments? or will everything be seized? we make approx 100k a year between both of us.
Posted from: Ontario
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June 19, 2012 at 11:36 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
It is difficult to say what option is the best as that is really dependant on your monthly cash flow. So there are a couple of potential options (i.e. bankruptcy, consumer proposal etc.). But the best way to determine it is to simply contact a local trustee, arrange for a free evaluation and they will be able to quickly give you some direction.