One quick question. As for background I filed a consumer proposal just about two years ago, actually 2 years this may. Our house has appreciated a tonne and I wondered if I could sell it and use the funds to pay off some of my wifes debt and the rest to pay down my proposal. Is this allowed?
Paying off proposal with proceeds from sale of house.
Posted on Monday, February 11, 2008
posted by Questions @ 9:36 am
1 Expert Comment:
At February 13, 2008 |
8:02 am
, Barton Goth GCO Bankruptcy Trustees Said...
There is no problem with doing this, in fact we have seen a number of people in a similar situaiton who decided to take some of the equity out of their property (either by taking a second mortgage or downsizing) and paid their proposal out quicker than originally planned.
The big advantage to this is that you will be able to start re-establishing your credit rating quicker than waiting until the standard term is completed.
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