consumer proposals and house equity

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?

Questions

One Response to “consumer proposals and house equity”



, 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.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)