Can I keep my personal residence AND two income properties?

In Anonymous Q & A, Consumer Proposals, Manitoba, Winnipeg by Questions1 Comment

If I file a consumer proposal….can I keep my personal residence AND two income properties in my name….basically owned by the banks with high 1st mortgages and very little equity?

Comments

  1. Jillian Taylor-Mancusi

    When you file a consumer proposal your assets do not vest in the proposal administrator, or trustee. One of the guiding principles in filing a proposal is that the dividend to the creditors in a consumer proposal will be greater than what the creditors would have received should a bankruptcy had been filed. Depending upon the realizable value of your properties, you may very well be able to keep them in a consumer proposal. Nevertheless, the creditors will have to vote on the consumer proposal and if they feel or at least a majority of them that the consumer proposal is a better option for them they will likely approve it.

Leave a Comment