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Preparing for a Consumer Proposal

My wife and I are looking at entering into a Consumer Proposal in the new year. We are wondering if it is a good idea to refinance our mortgage now to a 7yr term (get 8k in equity back) so that when a 4yr proposal is complete and a 2yr re-establish is done our mortgage is completely safe. Also what should we NOT be doing in the next 3-4 moths before if we decide to go into a CP? Thanks

Posted from: Ontario

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One Response to “Preparing for a Consumer Proposal”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The re-financing of a mortgage right now is not a bad idea. For both the impact on credit argument you pose as well when you consider that we currently have record low interest rates that likely will start increasing if the inflationary concerns remain in the marketplace.

As for what to not do in the next 3-4 months, where ever possible don’t use any credit, this will reduce the likihood of difficulties during the proposal.