September 27th, 2011 by Questions
I have a rental property that is worth only about $8000 but it helps out as an income. Will lose it in a consumer proposal?
Posted from: Newfoundland and Labrador
One Response to “ken”
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September 27, 2011 at 9:20 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Unlike in a bankruptcy there is no automatic vesting of assets with the trustee in a consumer proposal. But the property still has to be considered. A calculation must be done to estimate what the creditors would receive should a bankruptcy be filed, so this would include the sale of the rental property. Then in the proposal you simply have to make sure the offer you make to creditors provides a better recovery. But you should contact a local trustee and they will help you determine what type of offer you would need to make.