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Drowning

My husband and I both have very good jobs. Last year he was unemployed for a period of time therfore fell behind. We have 25,000 in RSP Line of Credit Loan, We have 40,000 Line of Credit, 14,000 Credit card, 10,000 Credit card, two store cards totalling 3,000. We do not want to file bankruptcy. We take home 6500 per month and we have 4 kids. What can we do? Do we currently make too much money for anything?

Posted from: Ontario

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One Response to “Drowning”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

From the sounds of it you may want to explore a consumer proposal. This is often billed as Canada’s best kept financial secret as it is a court sanctioned way that provides for a legislated method of negotiating a settlement with your creditors that will bring the level of debt down to a more reasonable level.

Eventually you will need to meet with a local trustee and they will be able to help you determine what type of offer you will need to make to get the creditors to cooperate.