"CPP disability may not let your wife have that many assets either. Maybe you should talk to a lawyer to see if you can get the house soly in your name if the equity in it is going to be a problem."

Not true. CPP disabilty pensions are not concerned with how much assets you own but rather your previous CPP contribution level. It's a plan you pay into. In contrast, provincial plans are not paid into and are really a form of welfare for the disadvantaged. Thus they have tight restrictions on alternate income and assets.

hello sorry to hear about your tough time.i went through credit conselling and if i had to do i again i would say not in my life.we went through tough times about 5 yrs ago and heard about credit conselling and how good it was. but we are trying to get a mortgage and it i coming to bite us in the a$$. the bank said we would have been better to go bankrupt instead of credit conselling, so as a word of advise really think hard and long and only do it if you really need too.

If you do not pay your mortgage then you loose your house. That will be really hard on your family. If you do not pay your unsecured debt then it will not have as big of a impact on your family. I would put your family first, so that means your mortgage.

You can try to settle your unsecured debt, they have different plans to help you. They will probably not be willing to offer them to you untill you have not paid them in a while. I have been offered by one credit card company that they would cut my payments in half and not charge me any interest for a year. They do this because it is better than getting nothing from you.

would i be able to negotiate a settlement on the visa cards?
I'm going to either not pay the mortgage (in full) or the CCs...I'm thinking I would be better off keeping up on the mortgage. The bank (RBC) is totally unforgiving, they told me the mortgage will go to collections after 15 days in arrears.

You also may be able to talk to your creditors and get some debt relief. They may be willing to let you pay it off over a year while only charging 1% interest. But they may not be willing to discuss this untill you stop paying your bills. Something to look into.

Sorry to hear of your problems, I can not answer most of your questions but I can tell you that CPP disability has the hardest standards to meet to be qualified for disability. Your provance may offer a disability program that she can apply for. If she is part owner on the house they will count it as a asset and they will not let her have many assets. But even if they say no, they should be able to give you alot of advice on the CPP disability.

CPP disability may not let your wife have that many assets either. Maybe you should talk to a lawyer to see if you can get the house soly in your name if the equity in it is going to be a problem.

The last few years have been a perfect storm of bad for my family.
I will try and keep it brief....
My wife became disabled last year and is now unable to work. She was self employed so she has no coverage. She had disability insurance on our mortgage but was denied because it happened within 12 months of obtaining the policy. Still haven't heard from CPP...I'm sure she will not be entitled to much since she has been either self employed or at home raising the kid.
I have sold all our toys and have gone down to one car. I cannot sell our home as we were screwed by the builder and do not have final occupancy. I cannot refinance our home because there are liens. We are involved in a class action lawsuit with the city and engineers at the moment as well.

Bottom line....my single income still keeps me with a negative cash flow.
Savings are now depleted...someone will not get paid. I have two Visa cards with a total of $18K owing. My secured LOC is maxed.
What might someone here recommend as a plan of action. Minimum payments on the cards is $500 per month combined. I have about $200k in equity.

Suggestions?

Kerry