Is Consumer Proposal an option and what has to be surrendered?
October 20th, 2015 by Questions
My husband and I have a lot of joint debt (and he has some on his own). We have a Van Loan for $45,000, a line of credit for 20,000, a credit card for 19,000 (which we are behind on) and an RV loan. I have a 5000 credit card in my name. He has a truck loan for 75000, a credit card for 8500 and a quad loan for 11,000. We also have a mortgage that is in good standing. In fact, what we are struggling with is the credit cards and line of credit. We both have good jobs and make 150,000/year between the 2 of us. Unfortunately, he lost his job back in March and was unemployed for a month and a half before returning to work at less income. Additionally, his parents were both ill (dad passed away) which required two trips out of province (with the loss of income). These are the reasons we are now struggling with making some of the payments and why the credit cards are high. My question is, will a consumer proposal help us? What will have to be surrendered to make it work? Thanks