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how will a proposal affect holdings

I am currently involved in a debt management program and have been advised to look into a consumer proposal. I owe 35,000 My husband knows nothing about how much i owe and we are currently seperated (not legally) we own several piece of property together and our home.
1. Does he have to know
2. Does he have to be involved or can i do a proposal on my own.
3. How will this affect our joint holding (approx value of 150,000)

Posted from: Ontario

One Response to “how will a proposal affect holdings”

A licensed trustee said...

Your estranged spouse only needs to be told about your filing if he is one of your creditors (ie if you owe them money). Similarly, you may file for/by yourself – they do not need to be involved.

The question of your holdings may complicate things – if you offer your creditors a proposal (to repay a portion of your debts) you must offer thema greater benefit (more money) than they will recieve if you file for bankruptcy. That means the net value of your holdings will impact how much you are required to repay in a proposal. The holdings themselves are not affected, but if there is a lot of equity then the proposal may not be practical.