Assets, Liabilities, Total funds for settlement

[pepeuni]

Hello there. I would really appreciate if somebody could clear some issues regarding the question 10 (Assets, liabilities & settlement funds) in form IMM008 Schedule 3. I read a lot of posts and I am not sure yet If my funds would qualify.

Lets say I have $51k cash in the bank. I also have a credit card debt of $15k (making monthly payments) and a mortgage (26 years left) under water for approx $25k (Mortgage is $115k and value is approx $90k). We are a family of four and the required settlement funds according to the CIC website is around $21k.

I read in one of the posts that if I could show that the cash money in the bank is equal or more than the settlement funds we will be good but I read somewhere else that I would need to show that my "settlement funds > assets- liabilities". The thing is I have to make a decision where to grab some of our bank money to pay for my education (only 1 year left) or should I instead try to increase my funds working. Any comments would be greatly appreciated. Thanks to all.

 

[dskairon]

Dear

They are concerned with cash funds available to you, my view on this is that you show your fixed deposit as POF as they require liquid, movable and unencumbered funds

 

[pepeuni]

Dear

They are concerned with cash funds available to you, my view on this is that you show your fixed deposit as POF as they require liquid, movable and unencumbered funds

Thank you. That is what I thought because it doesn't make sense that they will expect you to pay all your debts at once if you are on a monthly payment plan. Anyway, would you put anything in that section then or just leave it blank (if I am going to show a bank certification/statement)? Thanks for your time and response.