FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Consumer proposal and equity in home

In a bankruptcy – I understand that if you want to keep your home – you have to pay the trustee the amount of the available equity in your home – so that he may distribute it fairly to the creditors.
Is this the same for a consumer proposal??

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One Response to “Consumer proposal and equity in home”

A licensed trustee said...

Yes – in fact, in our practice we encourage anyone with equity in their house to offer a proposal to repay the equity instead of filing bankruptcy. It’s simply a better solution for all parties involved.