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

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.