consumer proposal and equity in my home

if i have equity in my house but i want to do a consumer proposal do i have to sell my house?

Posted from: Ontario

One Response to “consumer proposal and equity in my home”

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

In many cases, a consumer proposal is a good way to protect equity in your home. However, the amount of equity that exists will influence what you have to offer in the consumer proposal.

Ultimately what you need to do is have your situation reviewed by a licensed trustee. The trustee will begin by looking what you are worth to your creditors if a bankruptcy as legally a consumer proposal must provide a greater recovery to your creditors. Once you have met with the trustee for this evaluation you will know what type of offer will be necessary and whether the consumer proposal is the best route to follow.