Can you do a proposal if you have a large amount of equity in your home?
My husband owes CRA 127K. Equity in our home is approximately 150K. Can he do a proposal?
This was all due to kidney failure, dialysis, and a transplant.
A consumer proposal may deal with this debt to your satisfaction. Assuming the house is in joint tenancy, with you owning half and your husband owning half, then your husband’s equity will be half of the $150,000 or $75,000 (less 50% of hypothesized selling costs).
This also assumes that CRA has not placed a lien on the home.
Please set up a free consultation with a trustee in your area, to discuss this: