It depends on the amount of equity available on your house. For instance, if your home has a market value of $100,000 and you have a mortgage of $90,000, then the $10,000 difference is considered an asset by your creditors. The trustee would therefore have to sell the property, or you may also pay the different in order to keep your home. If you co-own the residence with your spouse, you will have to pay half of the equity, in this case, $5,000.

Bankruptcy reduces your credit rating to R9 and this rating remains on your record for 6 years after your discharge (when it is the first time filing).

The consumer proposal brings your credit rating down to an R7 and this grade remains on record for 3 years after you have fulfilled all the obligations contained in the proposal.

The furniture in your home is exempt if its value does not exceed $6,000.