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On EI & insurance for loan soon to run out.thinking of consumer proposal

I lost my job in May 2012. It is now Oct 2012. I still havent found a job. I have approximately $65000 in debt.
One of my debt CIBC for $40,000 had insurance for loss of work. If I dont find a job by dec the insurance will run out. Should I file for consumer personal now. I am receiving $1600 a month on EI. or is it better in November if I am still out of work to contact CIBC and change the loan agreement . Also if I went to the latter route and change the loan agreement. And later on decided its still better to be on a consumer personal. Would me just changing the loan agreement with CIBC make it harder for CIBC to agree on the consumer proposal. Part of the $65,000.. I owe $9000 income tax.

Posted from: Ontario

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One Response to “On EI & insurance for loan soon to run out.thinking of consumer proposal”

A licensed trustee said...

Use the links on this site to find a trustee in your area. If you offer a proposal it will need to be in the $20-$23,000 range and I’m not sure that makes sense while you are on EI. You may be better off to wait until you find work and then consider a proposal or bankruptcy, depending on your situation at that time.