March 25th, 2010 by Questions
my wife and I are seperating , we have an accumulated debt of $75,000 we have a home with a $256,000 mortgage at 90% of value and also 2 vehicles we owe 18,000 which are probably worth approximately 12,000 is it possible to do a consumer proposal as we have been bankrupt before 15 years ago
Posted from: Ontario
One Response to “seperation”
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March 26, 2010 at 11:13 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
From the sounds of it a consumer proposal would be an excellent way to deal with the debts but still avoid some of the more negative consequences associated with the filing of a second bankruptcy. While I don’t have sufficient information to be able to determine if you have enough cash flow with which to make it possible, you may want to consider meeting with a local trustee and they will be able to help you determine what type of an offer to your creditors would be required and whether or not the will fit into your finances.