Are there special considerations provided to those living on CP/OAS/GIS?
We have about 30% equity or $90,000 left in our home and consumer debt outside of two mortgages of $25,000. We are a couple supporting daughter and granddaughter and living on CPP/OAS/GIS.
What considerations must we take into account before moving into an application for bankruptcy?
A bankruptcy will not work for you since the equity in the home of $90,000 exceeds your unsecured debt of $25,000.
If you filed bankruptcy you would have to give up the equity in the home that is over and above your province’s home exemption: