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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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consumer proposals and house equity

In a consumer proposal can the trustee take your house if there is equity, or is that just in a personal bankruptcy?

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One Response to “consumer proposals and house equity”

A licensed trustee said...

The trustee only takes the equity in a bankruptcy. The point of a consumer proposal is that you keep your assets. However, the creditors know that if the proposal is not accepted, you may have no option but bankruptcy, so the offer you make in the consumer proposal will need to be at least as large as the equity in the house. I suggest you contact a licensed trustee for more information.