Question: |
We have about 40,000 in debt. Currently waiting to see if the bank can offer a consolidation loan over the 7/8 years to make payment less than $600 a month. If we went the bankruptcy route, does the bank take your car and house? How does it work? I have 2 months left on EI, husband has had 2 pay cuts, I am looking for jobs but no reply yet.... If we get the loan we can do it... To the penny...and only if I find work after April bringing in minimal 1400 a month. The worry is that I won't be able to find a "good paying job" with the markets so flooded. Thanks | |
From: |
Grant Thornton Limited | |
Date: |
Mar 15, 2016 | |
Answer: |
Hi TJ, Typically people don't lose their home when they file bankruptcy if they can afford to continue with the mortgage payments. The same goes for a vehicle. The Trustee will review the equity available with you before you file a bankruptcy or proposal. Perhaps you would like to a consultation to discuss bankruptcy and proposal so you can make an informed decision. Please contact our office at 310-8888 to speak to one of our professionals. Susan Methuen | |
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