Equity & Consumer Proposal
September 22nd, 2009 by Questions
If i have some equity ($40,000) in my house can i still submit a consumer proposal to my creditors & keep the equity in or out of the house. i.e. keep my house or sell it and in both scenarios keep the equity. (P.S. my & daughter have been heavily helping me financially over the past two years and I would like to leave something behind for them. I`m 61, I have no other assets, no pension, i was self employed & now working contract jobs. my unsecured debts are $43,000. And, I have a GIC $50,000 US dollar securing a $70,000 CDN personal Line of credit which is maxed. This was done back in the day when the one US dollar was 1.5 CDN. So there is another 20,000 of a debt in here, over and above the $43,000 noted above.)
Can I keep the equity & can I file a consumer proposal? or should I just file for bankruptcy & save my children the headache that I`ve caused them?
Posted from: Ontario