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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going bankrupt and keeping my house

i have usecured debts which are too big to make payments on…most debts are the result of my business which i had to give up because of rising costs…. after paying for mortgage and taxes on my house there is not enough money left for debt payments and overdue personal taxes
i want to save/keep my house, which we acquired at the top of the market, with unscrupulous lenders who should not have led us to buy at that time
what can i possibly do to save my house?

Posted from: Ontario

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One Response to “going bankrupt and keeping my house”

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

You don’t really have any options of negotiating with the mortgage companies, if they have security on a property to keep the property you must live up to the obligations listed in the mortgage contract.

As for how a bankruptcy will impact your house, with no equity in it the bankruptcy really won’t have any impact on the property unless you want it to.

However, I would strongly suggest that if you are upside down on the house (i.e. you have more money owing on the house than it is worth) you may be best to consider allowing it to go back to the bank so that you will not be saddled by a property in which you owe more than it is worth.