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Calgary, Edmonton, Alberta bankruptcy Q&A forum

Question:

 

I am considering a consumer proposal. I have about 55k equity in my home, at the same bank as my biggest debt. Would the bank want part of this? Also I have 1 credit card with no balance on it. Can I keep it? Thank you!


From:

 

Grant Thornton Limited

Date:

 

Apr 25, 2017

Answer:

 

Hi George, The Mortgage company will need to be notified as part of the consumer proposal process; however, the financing for your home should not be affected if your intention was to keep and maintain the property. All credit cards are surrendered at the time of filing a consumer proposal to prevent overspending during the consumer proposal process. Hope that answers your concerns.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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