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loosing my house

If I were to claim bankruptcy for about $15,000 worth of debt would I lose my house?

Posted from: Manitoba

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One Response to “loosing my house”

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

This is really dependent of the amount of equity in the property. In Manitoba, when you file for bankruptcy you are permitted to have up to $2,500 equity in a principle residence, or $1,500 if you are a co-owner.

If you have more than that owing, then a bankruptcy will impact your property, but the extent of that impact will depend on the amount of equity you have.