FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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home equity and proposals

If I file a division 1 proposal can I keep my house. I have equity of about $30,000. Would I have to buy this back?

Posted from: Ontario

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One Response to “home equity and proposals”

A licensed trustee said...

The concept behind a proposal is that you are offering to repay a portion of your debts – the catch is you need to offer your creditors more money than they would receive if you filed for bankruptcy.

In a bankruptcy, the equity in your home must be “bought back” from your trustee if you want to keep the home. In a proposal, you are voluntarily offering to repay more than that as part of the deal.