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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Don`t know which way to go.

I own a house in Northern Ontario which we owe more than we can get if we sell. We owe $78000 but at best could get $45000 unless the local economy turns around and that does not look likely at all. What is the best way to deal with this?

Posted from: Ontario

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One Response to “Don`t know which way to go.”

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

This really depends on what your overall financial picture looks like. You could simply sell, obtain financing for the short fall and arrange to make payments on it over time. You could simply allow the bank to forclose and file a consumer proposal or a bankruptcy, but without looking more specifically at your situation it is difficult to suggest what approach would be best. You may want to set a time to meet with a local trustee. They will first review your existing situation in a little more detail than this blog allows and this will enable you to discuss the possible ways of approaching this situation give where you are sitting.