FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Bankruptcy and my house

3 months ago we finalized the sale of our home. We used the profit to catch up on our bills, go on trip and put a down-payment on a new home.

Since then my husband’s work has slowed and we are once again behind on our bills. If we declare bankruptcy now will be lose the house we just bought? How will this be handled? Is it too soon after the sale to consider bankruptcy?

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One Response to “Bankruptcy and my house”

A licensed trustee said...

If/when you decide to file for bankruptcy, your trustee will be required to determine if there is any net equity in your new home (that means whether or not there would be any money left over if you sold your new home). If there will be then an amount equal to the equity will have to be paid to your trustee in order to keep your new home.

Your trustee will also be concerned with exactly how you spent the money from the sale of your last house – how much did you spend on the trip and how much did you pay towards your debts. You may as well prepare a detailed list of where the money went now because you will need to provide your trustee with such a list whenever you file.

The sensible thing to do may be to contact a trustee for a consultation – the trustee will review various options to help you determine which solution is best for you.