What would be more advantageous for me: filing for bankruptcy or making a proposal? I own a house with a $160,000 mortgage (balance of $155,000), a two-year-old car (balance of $20,000), credit cards (total balance of $20,000), a personal loan (balance of $10,000), and am behind on utility bills (Hydro-Québec, Videotron, municipal taxes). My annual income is between $60,000 and $65,000. My partner has a seasonal job (earning approximately $10,000). We would like to keep the house, the car, and the furniture. I tried debt consolidation, but the banks won't approve it because of my low credit score and debt level, even though this option would have been financially advantageous given the low interest rates. Currently, my payments are almost as high as my net income. What do you think is the best option?
Obviously, I don't know all the details of your family budget, but at first glance, I think your situation would be suitable for filing a consumer proposal. During a meeting with a trustee, an analysis of your entire situation will help determine the best course of action.
Questions reliées
- A few months ago, I bought a new car, financed by the bank. My partner signed the loan agreement, and I was the co-buyer. If I sign a consumer proposal, what impact will it have on the loan? I don't want my partner to be disadvantaged.
- Can I consider the consumer proposal even if I am receiving unemployment insurance benefits (I have the maximum benefits)?
- Can my spouse and I submit a proposal at the same time? We have approximately $115,000 in debt. Can we also include our line of credit and credit facilities in this proposal? My mortgage renewal is due next year: could the financial institution refuse me?
- Does making a consumer proposal impact our job prospects? To work for the government, applicants are required to sign an authorization to check references, criminal record, and credit before being hired.
- For the past few years, the provincial government has been garnishing my wages. After all this time, I'm at my wit's end. However, I'm indebted to friends and family. I also owe Hydro-Québec, Mastercard, and now the federal government is demanding over $4,000, which will result in another wage garnishment. I'm in debt and I couldn't pay my rent this month. Can I include my unpaid rent in my consumer proposal since my landlord has gone to the Régie du logement (Quebec Rental Board) and the next month is coming up and I won't be able to pay it?