Filing a consumer proposal to try to keep the home equity
December 10th, 2009 by Questions
My parents currently owe a house with an equity of approximately $28 000 thousand. But if I file bankruptcy for them right now I know that I have to come up with that amount in order to keep the house, which is impossible. However, could you please let me know if it is possible for to file consumer proposal for them with that min. amount over their debts; with the fact that they are not working. Both of my parents are only receiving long-term disability and CPP in the amount of $1700/month. I understand that consumer proposal allow debtors to spread their payment over 5 years period. Therefore, do you think consumer proposal will be acceptable based on your experience.
Posted from: Ontario