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

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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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Equity in Home

My husband and I filed Bankruptcy and were told at the time that there was no equity in our home so we could keep it. Now four months after we file, the trustee is saying that there is equity and we have to pay it if we want to continue ownership. How much equity must be in a home before they can decided if it is enough or not?

Posted from: New Brunswick

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One Response to “Equity in Home”

A licensed trustee said...

Given the current market it is a bit unusual that your house has gone up in value in the last 4 months – most of the world ahs taken a pretty good beating lately.

Your trustee is required to turn any equity in your home into cash for your creditors. The value of your equity is usually negotiable – check and see if your trustee is deducting real estate fees, legal fees, and other closing costs from their calculation – maybe there won’t be any equity after you point out the costs of selling the house.

If you think you have been treated unfairly you should contact the nearest Office of the Superintendent of Bankruptcy and discuss your concerns with the government agency that licenced your trustee.