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Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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Home sale proceeds

Firstly, thanks for the informative web site. I recently sold my home in the hopes of using the small equity towards debt repayment. After an excessive bank penalty and other fees I came out with only $6500.00. At this point I`m looking at a consumer proposal to pay 25-30% and also need to buy a used car (leased vehicle being returned to reduce expenses). Can I use $4000 of the payout for a used car if I`m going to put forth a consumer proposal instead of bankruptcy (max car in NS is $3000 in bankruptcy)?

Posted from: Nova Scotia

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One Response to “Home sale proceeds”

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

This shouldn’t be a problem as long as you make full disclosure under the consumer proposal and to your trustee. As long as you are making a reasonable offer to your creditors they really shouldn’t have any concerns.