If I have a house, should I file Bankruptcy or a Consumer Proposal in Sarnia?

by Joel Sandwith on May 7, 2013

One of the largest fears I see on a daily basis in my office in Sarnia is of those who own homes:  if they file bankruptcy, they worry they will lose the house.  I can sympathize with this fear:  I own a house, my family lives there, I would be devastated to lose it.  BUT – it’s actually quite rare, and there are many good ways to help protect your property.

If you are up to date, and able to keep up to date on your mortgage payments, and if you have little or no equity in your home, it is not likely that your house is at risk in a bankruptcy.  Having said that, what if you don’t file bankruptcy at all?

Hoyes, Michalos has just released our latest study on ‘Joe Debtor’ – a study of bankruptcy and consumer proposal filings in Canada.  Our latest information tells us that 75% of insolvent debtors with homes file consumer proposals.

The idea is that if you own a home and want to keep it, but have other debts that cannot be paid, the solution is often to file a consumer proposal instead.  You still need to be able to pay the mortgage, taxes and utilities, but in the consumer proposal we can likely reduce the cost of the ‘usecured’ debt significantly, sometimes saving 60% or more.  And best of all, the terms of the consumer proposal state that YOU keep control of the house, not your creditors.

To learn more, call me at 866-747-0660 or 519-344-1058, and let’s get started building a plan to deal with your debts.

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