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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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question

what is the equity you are a loud for a house with a morgage? when can it be exempt?

Posted from: Quebec

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One Response to “question”

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

This is laid out by the Quebec Code of Civil Procedure, which permits you to claim up to $10,000 equity (market value less amount of financing against property) in a principle residence. So if you file for bankruptcy you are allowed to have up to this $10,000 of equity.