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Buying the equity in my home

I was forced into bankruptcy this morning after the creditors rejected my DIV 1 proposal. My question is regarding my house, which I’d like to keep. My mortgage stands at 228 K and my home was appraised at 255 K. Does this mean that I must pay 27 K in order to keep the house? (I live in Ontario so no equity allowed). This sounds very unreasonable considering that even a very conservative selling cost of 5% would deduct 13K from the equity residual. Can this be argued or negotiated with my trustee/creditors?

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One Response to “Buying the equity in my home”

Barton Goth GCO Bankruptcy Trustees said...

ou are correct, the bankruptcy estate must realize 27k. However, the potentiall selling and leagal costs may be able to be deducted, realistically it is up for negotiation with your trustee.