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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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Should I go bankrupt? Will I lose my house?

I have recently seperated, and I am having problems keeping up with all payments. Should I declare bankruptcy and if I do, will I lose my house?

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One Response to “Should I go bankrupt? Will I lose my house?”

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

What you get to keep if you go bankrupt in Canada depends on the province you live in. The available exemption in a principle residence ranges from $40,000 in Albeta to nothing in Ontario, most other provinces are somewhere in between. To find the available exemption list for your province, go to our Bankruptcy Canada and click on the name of your province on the left side of the page. You will be re-directed to a site for your province, and in the Frequently Asked Questions section you can find a list of provincial exemptions.

As I practice in Alberta, most people are able to claim the equity in their house as exempt and if they then continue to make their existing mortgage payments they have no problem with retaining their residence.