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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Bankruptcy and foreclosure on home

Hello,
I own my own home and have zero equity in it. I am in the pre-foreclosure process with the banks lawyer. I was told by the lawyer that it could take several months before they ask me to leave. I am planning on going bankrupt in the meantime. Once I go bankrupt, do I immediately have to leave my home or do I still wait for the normal foreclosure process to go through with the lawyers?

Posted from: British Columbia

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One Response to “Bankruptcy and foreclosure on home”

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

As long as the foreclosure process has started and you are not making any payments in relation to the property it really won’t make much difference whether you are staying there or not. The key thing is the default on the mortgage must be able to be traced back to prior to the day you filed for bankruptcy.