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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

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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I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

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What happens to your home??

I have just recently purchased a home and find myself in financial turmoil. There is no equity in the home. What can I do to ease all these debts without jepordizing my new home???

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One Response to “What happens to your home??”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This depends on the province in which you reside and the amount of equity in your home. The amount of equity each person is allowed to protect varies from a high of $40,000 in Alberta and a low of $0.00 in Ontario. If you have less than the allowable exemption for your province you have no real concerns and can file either a bankruptcy or a consumer proposal.

Although, even if you have some equity in a house these alternatives can often help to provide the necessary relief. The best thing to do is contact a licensed trustee in your area and they will be able to help you determine what options would fit your situation.