Spending Habits Prior to Filing a Consumer Proposal
March 25th, 2013 by Questions
My home was foreclosed on in Oct. 2012 as a result of a marital separation and the mortgage insurance company is now taking steps to collect the $40K deficiency. I also have additional unsecured debt totaling $40K. Throughout the separation and prior to the foreclosure (4yrs) I have continued to make the minimum payments on these unsecured debts and they are current to this day. I also haven’t added more debt by making purchases on my credit cards during this time.
I knew once the foreclosure went through in October, the mortgage insurance company would come calling and now that they are, I will have to seek some debt protection.
My question is: Knowing that the mortgage insurance company would come calling once the foreclosure was complete, how will taking 3 vacations totaling $4500.00 since then effect a consumer proposal should I file one in May of this year? One of these trips is a destination wedding in April which was planned at least a year ago and will most likely be filing a proposal shortly after I return. Please note that these vacations were paid for using my savings and were not debt financed.
Thank you for answering my question.
Posted from: Alberta