Consumer proposal and home equity

August 10th, 2009 by Questions

I am considering filing a consumer proposal but am wondering about my home equity. All of the unsecured debt my wife and I have is in my name so, only I would be filing, our mortgage is in both our names. Would I claim 1/2 of the equity in our home (because my wife is on the mortgage too) or the whole amount?

Posted from: British Columbia

Questions

One Response to “Consumer proposal and home equity”


August 11, 2009 at 8:21 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If the debt is just in your name, and your wife is on title to the property than you would look at your share of the equity. Of course, in a consumer proposal this is only indirectly considered when determining what has to be offered to your creditors because unlike when filing a bankruptcy there is no automatic vesting of assets with a consumer proposal.

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