How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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home ownership

if you file for bankruptcy can you still keep your home

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One Response to “home ownership”

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.