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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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Proposals & Sale of House

We are more than half way through completing a Proposal. If we sell our house now, cicumstances change, we default & are forced into Bankruptcy, can they come after the money we received for the house?

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One Response to “Proposals & Sale of House”

A licensed trustee said...

If you sell the house and do not use the proceeds to pay down your proposal, and subsequently you go bankrupt, it is possible that one of your creditors may oppose your discharge from bankruptcy, and perhaps ask that you repay the money.

This is an issue you should discuss with the adminstrator of your proposal, because the facts of your specific situation will determine the answer to your question.