Consumer Proposal – Keeping my car and boat?
May 17th, 2011 by Questions
If i go forward with a consumer proposal, will this affect me keeping my house or renewing it next year. I have 15K in equity in it. do they negotiate for me in keeping my car and boat? what are the odds that i would keep them. do you lose the credit cards?
Posted from: Ontario
One Response to “Consumer Proposal – Keeping my car and boat?”
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May 17, 2011 at 2:36 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Your first question about the renewing of your mortgage, this is usually very easily done as long as you stay with the same institution. But the moment you try to shop this mortage around you will find that the presence of the consumer proposal will make it more difficult when dealing with a new institution.
Now in terms of your car and boat, every proposal is different, so you are best to discuss this directly with a local trustee. I have seen proposals that have dealt with these types of assets, and proposals that haven’t, but it is impossible to commend unless more familiar with the specifics of your situation.