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Keeping the house and car in a bankruptcy

I have a mortgage of 400000.00 and the value is likely to be 430000.00. I have a car that is leased and another that is financed in my husband`s name. Can we keep our house and cars if we file bankruptcy?

Posted from: Ontario

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One Response to “Keeping the house and car in a bankruptcy”

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

Technically speaking as long as the equity value of the assets in question is less than the amount that is allowed in the province of Ontario (which it sounds like it is), you are up to date on your payments, and the creditor has no problems and is willing to allow you to continue to make the payments as originally contracted, then you shouldn’t have any difficulties keeping the items you listed.