FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Looking for some advice

My husband and I are considering our options and would like some general advice before we actually go see an advisor.

We both have substancial amounts of debt…myself approx 30,000(student loans ((- 7 years)) and credits cards…him approx 60,000 (income taxes, credits cards, line of credit, bank loan). Besides our mortgage, I am only joint on approx 20000 of his debt. What do you suggest would be the best option for us (joint or individual / consumer proposal or bankruptcy)

Also, (included in the amounts above) – he has a bank loan for a vehicle which is more than the vehicles worth.

Our mortgage is only two years old…and we have little equity for this reason.

We are starting to seriously consider doing something, just not sure what is the best option.

I know you cannot be specific…but any advice would help. Thanks

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One Response to “Looking for some advice”

A licensed trustee said...

Sorry, but you are beyond the point where general advice will help – as difficult as it may be, you need to speak to someone directly about your situation.

You have a number of options – the one you pick will be based on how much of your debt you can afford to repay. Credit counseling is a procedure whereby you repay the debt in full, but you receive some relief from the interest. In a proposal you repay a portion of your debt, again depending on your ability to repay. If neither of those solutions will work then you may end up filing bankruptcy.

The most difficult part of this process is the decision to ask for help – your there already, you just need to speak to someone directly as opposed to trying to get general advice from a website.

Take the next step. Contact a trustee in your area for a consultation. Once you do you will be on the road to recovery and you will feel better.