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

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*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.

This field is hidden when viewing the form

Source

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.

Agreement*

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.

Select Trustee By Province

Do I have too much equity?

My husband and I are looking to claim bankruptcy. We own a house, but we bought it power sale for $65,000. The house is now worth approx. $105,000. What would happen to us and our house is we claim bankruptcy, seeing as how there is $40,000 in equity?

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Do I have too much equity?”

A licensed trustee said...

The rules vary from province to province in Canada. In most provinces you would not be able to keep an asset worth $40,000 if you go bankrupt. For an answer for your specific situation, click on the Find A Trustee link for your province on the right hand side of this page.