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frustration over credit

I currently own a home with a mortgage left of around 92,000 and approx 35,000 worth of debt (loans, credit cards). I have tried to get a debt consolidation loan to make my monthly payment smaller but my debt ratio is to high (45%) The bank wants to try to refinace my home but I don’t think it is worth enough. What are my options?

bankruptcy Canada, debt consolidation, debt consolidation loan, mortgage

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One Response to “frustration over credit”

A licensed trustee said...

You have three options it you can’t consolidate:
1. sell the house and use the equity to repay your other debts;
2. file a consumer proposal and repay the debts over time; you can either keep your house or sell it in this option; or
3. go bankrupt; if there is equity, you probably lose your house in this option.

To evaluate your options I suggest you you contact a licensed trustee.