Husband is considering a consumer proposal, instead of bankruptcy
August 27th, 2006 by Questions
My husband is considering consumer proposal, we own a house together and he owns a quarter of a cottage with his family. Can creditor’s ask for the equity in those properties, even though he’s a partial owner?
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August 28, 2006 at 7:41 am, A licensed trustee said:
In a consumer proposal creditors typically receive payments over a period of time; they don’t receive the actual asset, meaning it is unlikely your husband would lose the house or cottage.
To determine the correct amount to offer the creditors in a consumer proposal your trustee will determine how much the creditors would receive in a bankruptcy, and then offer them a greater amount, over a period of time.
For more information, I suggest you contact a licensed trustee to fully explore your options.