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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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Filing a consumer proposal to try to keep the home equity

My parents currently owe a house with an equity of approximately $28 000 thousand. But if I file bankruptcy for them right now I know that I have to come up with that amount in order to keep the house, which is impossible. However, could you please let me know if it is possible for to file consumer proposal for them with that min. amount over their debts; with the fact that they are not working. Both of my parents are only receiving long-term disability and CPP in the amount of $1700/month. I understand that consumer proposal allow debtors to spread their payment over 5 years period. Therefore, do you think consumer proposal will be acceptable based on your experience.

Posted from: Ontario

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One Response to “Filing a consumer proposal to try to keep the home equity”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Looking at the filing of a consumer proposal as opposed to a bankruptcy would be a good way to try to keep the equity.

Now you wouldn’t be able to simply offer up the $18,000 as there would have to be something in addition to what would be received so that there would be some incentive for their creditors to cooperate.