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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Proposal if there is a equity

Can someone file a consumer proposal for 60K if the person own the house and equity is about $100K

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One Response to “Proposal if there is a equity”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

In this case I don’t’ think that $60,000 would be a sufficient offer. Even in a province like Alberta, with the $40,000 exemption that is permitted for the principle residence, if you filed bankruptcy there would be $60,000 from the equity alone that would go to the creditors and potentially additional funds may come from other sources (i.e. tax refunds, surplus payments etc.). The minimum requirement when offering a proposal is that you have to offer at least as much as would be available to the creditors in a bankruptcy. However, in practice you find that in-order to get the required creditor support (i.e. majority) you will have to provide sufficient incentive for them to cooperate. As a result, I expect you would have to offer up more than simply the $60,000.

However, I have limited information and it is difficult to provide you with a hard answer.
If you contact a licensed trustee in your area, they will be able to review your situation and advise you on the preparation of a proposal that will be appropriate given your circumstances.