September 8th, 2006 by Questions
In a consumer proposal can the trustee take your house if there is equity, or is that just in a personal bankruptcy?
September 09, 2006 at 7:51 am, A licensed trustee said:
The trustee only takes the equity in a bankruptcy. The point of a consumer proposal is that you keep your assets. However, the creditors know that if the proposal is not accepted, you may have no option but bankruptcy, so the offer you make in the consumer proposal will need to be at least as large as the equity in the house. I suggest you contact a licensed trustee for more information.
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