How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Phone

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

MR

Hello, I have approximately 600k in credit cards and line of credit card debt. I have a family member that will lend me up to 250k to pay or settle with everyone. Is consumer proposal the way to go? I also want to be bale to build small credit again, is this possible?
lastly, we have 2 joint properties with conventional mortgages with family but the mortgages are in our name. would they be affected? Our personal home has very little equity. My total net worth is negative 350k or so at the moment. I am attempting to avoid bankrupcy. Your advise would help. Thank you

Posted from: British Columbia

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “MR”

A licensed trustee said...

Consumer proposals are limited to $250K of debts, excluding any mortgages on your principal residence. based on what you’ve written, you are not eligible to file a consumer proposal.

You may be able to file a Division I Proposal – there’s no debt limit on this type of filing. They are used for more complex cases (often businesses use this type of filing).

My best advice is to use the links on this site to contact a trustee in your area and contact them direclty to discuss your situation.