Proposals and equity

I have done a consumer proposal and own a house with my husband. We are separating and selling the house. We have only been in the house 3 years so there isn’t that much equity. Was the equity already included in our proposals? And if any extra money we make from the sale would it go to our trustees?

Posted from: Ontario

One Response to “Proposals and equity”

A licensed trustee said...

Call your trustee to discuss your situation in greater detail – they have all of the facts and can give you a precise answer.

Normally, when you file a proposal, there are no restrictions or attachments made to your assets (your house). Unless you included such a restriction in your proposal, you should be free to sell your home and keep whatever net money comes out of the sale.