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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Want to move

I am getting a divorce. I was told I could keep the house if I claimed bankruptcy. It has negative equity (if we sold, we’d owe money to pay out the mortgage company). I want to get a job that has less stress which means less pay so I wouldn’t likely be able to make mortgage payments anyway. I want to sell the house and move to another city. I have no savings to clear title if we got less than what we owe. Can a house be included in a bankruptcy by choice?

Posted from: British Columbia

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One Response to “Want to move”

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

Yes, the shortfall from a mortgage can be includded in a bankruptcy. But timing is very important. What you need to do is instruct the mortgage company to foreclose on the house prior to filing the bankruptcy, As long as you do this and discuss with your trustee your intention to include the shortfall on the mortgage, then you will have no trouble.