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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can i file bankrupcy and keep the house without someone going after the house

owing 50k on credit cards/car loan and owing 100k on mortgage. current selling value of house is 120k. i can manage mortgage payments but i cannot pay the credit cards and car. i can take public transit. can i file bankrupcy and keep the house without someone going after the house ? help please thank you.

Posted from: Ontario

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One Response to “can i file bankrupcy and keep the house without someone going after the house”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This varies by province, as each province has different rules surrounding the equity in your house. In Ontario, you can keep your house if you can come up with enough money to cover your equity, the difference between what the house is worth and what you owe on it. It may not cost as much as you think. A rough guide to your home’s equity is the current market value of your home, less the mortgage, real estate fees, legal fees, mortgage penalties, back property taxes and utilities. If you have questions about figuring out your equity and determining if anything would need to be paid into the bankruptcy you are best to contact a local trustee.