April 17th, 2010 by Questions
can I get a consumer proposal if I have equity in my home but my parents are on the morgage and won`t sign for remorgaging
Posted from: Nova Scotia
April 19, 2010 at 8:05 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Technically this should be possible. The only key is how you would have to frame the consumer proposal, it would have to offer greater to your creditors than would be available in a bankruptcy (obviously including your share of the equity in the property), and you would have to be able to afford each month to make the necessary payments to do so.
What I would recommend is that you sit down with a local trustee and he will be able to assist you in determining what type of offer would need to be made to your creditors, and if that will fit into your monthly cash flow.
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