Unsecured Loans & Bankruptcy – Help Please!
My husband and I have a 74,000 unsecured loan, 23,000 unsecured loan, 32,000 in credit card debt and 6,000 in taxes. We make a salary of 118,000 combined. No equity in our home. What would be the best option for us?
Posted from: Quebec
With your income level it appears that you would be able to file a consumer proposal. The trustee would meet with you to determine how much you have available to offer your creditors on a monthly basis after meeting your household expenses. If those payments would offer your creditors a reasonable payment overall then the proposal would be a good option to consider. With a proposal you normally make one interest free monthly payment that acts a settlement on the overall amount you. You do not have to pay 100% of your debt in most cases. This option is meant for those individuals that have the ability to pay something towards their debts but can’t afford to maintain their current debt obligations.
To see if this option really is the best for your family, you would need to sit down with a trustee to go over your financial situation in more detail.