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Consumer proposal

Is it possible to keep your home with a consumer proposal? For example I owe $50,000 unsecured debt & my portion of the equity in my home may be as much as $30,000.

Posted from: Ontario

One Response to “Consumer proposal”

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

You have identified one of the key advantages behind the filing of a consumer proposal, there is no vesting of assets like in a bankruptcy, so it often allows the protection of assets that might otherwise be lost.

To see if a proposal will work in your situation you should contact a local trustee and they will be able to quickly look at things and help to determine if that is the best approach.