can we keep our house if we file consumer proposal

June 26th, 2005 by Questions

my common law husband and i are considering a consumer proposal due to our financial problems. before we begin this i have just a couple of questions…..was wondering if anyone can answer these.

will we have the chance of losing our home if we do this? How can we be sure that we don\’t? we currrently have a debt of around 12,000 and not including what we still owe on our home which is around 7500

also, we were separated and for over a year and recently have began living together again. will this affect our consumer proposal or does this have no affect on it.

if anyone could answer these questions i would appreciate it very much
thank you


One Response to “can we keep our house if we file consumer proposal”

, Barton Goth, GCO Inc. Bankruptcy Trustees said:

You have asked some good questions. The first issue you have identified relates to a prior separation. As long as you are currently back together and living together in the home there really isn’t any major risk. In terms of your personal residence, typically speaking in a proposal, as long as you are up to date on your mortgage payments there is no concern over loosing your home. Having sad that, whether or not a proposal is going to work in your situation will depend on a) what province you currently reside in, and b) how much would the home be worth if you turned around and sold it today. I would suggest contacting a trustee in your local area with whom you could review this information and they will then be in a much better position to give you a more concrete answer.

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