home ownership
March 4th, 2008 by Questions
if you file for bankruptcy can you still keep your home
One Response to “home ownership”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
March 05, 2008 at 8:49 am, Barton Goth GCO Bankruptcy Trustees said:
This will depend on 3 things:
a) How much equity you have in the home;
b) Whether your provincial exemptions permit equity in a principle residence to be claimed as exempt;
c) Whether your up to date on your mortgage payments.
Without this information it is impossible to give you a valid opinion. However, in my practice (Alberta) we find that very rarely do people loose their home, although we have the most lenient exemption in the country ($40,000) and this exemption varies greatly (i.e. Ontario doesn’t have a principle residence exemption).
So the best thing to do is to contact a local trustee and review your situation with them.