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Would selling a house and offering 1 lump sum to the creditors be a good consumer proposal?

My Parents own 2 houses, (1 is for rental income) each with approx. 100k in equity. They also have 190k in unsecured debts. Would selling 1 house and offering 1 lump sum (of approx. 100k) to the creditors be a good consumer proposal plan that would most likely be accepted?

Posted from: Ontario

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One Response to “Would selling a house and offering 1 lump sum to the creditors be a good consumer proposal?”

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

This is difficult to say without looking at their total financial picture. However, many creditors are very willing to accept lump sum proposals such as this. The best thing to do is to have your parents contact a local trustee, have this trustee review all the little details about their situation (i.e. assets, loans, income and expenses) and they will very quickly be able to determine if this is going to be a viable proposal to make.