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Consumer proposal and home equity

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

One Response to “Consumer proposal and home equity”

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.