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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How can we help you?

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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Home equity line of credit

When considering total consumer debt, does a home equity line of credit consitute a mortgage or a line of credit? I ask because of the limit of $75K when considering a propsal to creditors.

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One Response to “Home equity line of credit”

A licensed trustee said...

In most cases, a home equity line of credit will not be treated as a mortgage within the meaning of the Bankruptcy and Insolvency Act and the determination of the $75,000 limit for a consumer proposal.