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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

My spouse and I have got into a bind with our debt situation. As a former oil executive I had a breakdown a few years ago and decided to take some time off. We had plenty of cash on hand for me to rest and now after a few years it's nearly impossible to find employment or raise capital to start a newco. We have around $8000 / mo to cover. I generally was in the $300-500,000/year range so quite manageable. But our fixed assets are a Hotel and Restaurant ( impossible to sell in this market), waterfront Cabin ( debt free), house in Costa Rica ( debt free but not securable ) the house Heloc would drop if reassessment LTV dropped from 80% to now around 65%. No issues if I can find work but the stress has become almost unbearable again. Thoughts?


From:

 

Grant Thornton Limited

Date:

 

Dec 09, 2015

Answer:

 

Hello, I am assuming that you may be struggling to meet the monthly obligations of $8,000 per month. Perhaps you can consider selling the vacation properties or set up a rental arrangement to generate some income. If your Heloc and household expenses are high perhaps you may consider selling the home and living in the waterfront cabin. Without reviewing what you owe and your monthly obligations it is tough providing you with further insight. Please contact our office to discuss or to schedule a no obligation consultation.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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