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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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Will I loose my house?

I Own a incorperated business (consulting business) I own a house that is values at about 250K. I have 2 children (2y and 12Y)

I owe CCRA 40K, Revenu Quebec 20K and other credit crds and credit lines aboout 15K.

I make about 5-6K net a month, my husbund make about 3K a month. Our credit is shot, so, I cant refinance my house. Have no cosigners.

If I go pankrupt will I loose my house? can anyone tell me what my options are. all I want to do is keep my house and somehow get rid of the money that I owe.

I wnt to see a trustee and they tell me that they can not gaurentee taht I wont loose the house. In need of help, advse.

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One Response to “Will I loose my house?”

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

While I can’t give you any concrete answers as to what would or would not happen under bankruptcy I do suggest contacting a trustee and floating the following idea:
1. File a proposal that the debts will be paid via the equity contained in the home (it would have to be a 100% payout of all the debts as in a bankruptcy these creditors would be paid in full).
2. Find a lender that would be willing to re-finance the home after the proposal is filed.
I do not know whether or not your trustee has any lender’s he is aware of, at our office we use a mortgage broker who understands the proposal process and has found a lender who is willing to cooperate with these more unique types of arrangements.