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LOC Secured by Mortgage

I have a LOC tied into my mortgage. I owe 22k on it. My mortgage is 78k, my place is only worth about 90k. I have a large amount of credit card debt about 50k as well. What happens with the LOC if I file a proposal? ( I make a good wage, around 79k/yr, but have high commuting expenses for work and the car payment.)

Posted from: Ontario

One Response to “LOC Secured by Mortgage”

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

A consumer proposal is essentially directed at your unsecured creditors. So consumer proposal likely won’t have any impact on this LOC. You will continue to pay both it and the mortgage assuming you want to stay in the property.