home ownership

if you file for bankruptcy can you still keep your home

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.