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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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mortage with a line of credit attached to it

I have a mortage with a line of credit attached to it. Would this LOC be included in the consumer proposal?

Posted from: Nova Scotia

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One Response to “mortage with a line of credit attached to it”

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

No, a consumer proposal is designed to deal with unsecured creditors. When you secured creditors they largely operate outside of the consumer proposal. The only work around is if you return whatever property they are secured by prior to filing the consumer proposal.