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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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Unsecured debt and mortgage with the same bank.

I am considering bankruptcy. I have unpaid balances on several credit cards including one which is with the bank that I have also mortgage with. May the unpaid credit card debt affect my mortgage in any way when I file bankruptcy ?
I make all mortgage payments on time. I live in Alberta.

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One Response to “Unsecured debt and mortgage with the same bank.”

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

As long as you are up to date with your mortgage filing a bankruptcy or a proposal shouldn’t have any impact on this contract. You may have some other things you need to consider, i.e. amount of equity in the property compared to the allowable exemption in the province, but typically a bank is in a fairly protected position when real property is on the line.

To get a clear idea of what you can expect would happen with this property I would suggest contacting a licensed trustee in you area and after reviewing the specifics of your situation they will be able to provide more detail as to what you can expect.