can i keep my house if I go bankrupt?

February 12th, 2006 by Questions

I am 80 year old and was recently involved in a law suit, the other party won the case and I owed them 10K, I have a house with 20K equity, I am a pensioner of both the U.S. and Canada, I split my time between the state and here, I cannot afford to pay the debt without selling the house, can I keep my house here if i file for bankrupcy? do I need to file in the united states as well?


One Response to “can i keep my house if I go bankrupt?”

, Barton Goth, GCO Inc. Bankruptcy Trustees said:

Whether or not you have to sell the house really depends on where you live. Each province has a different level of allowable exemptions. As for filing in the US, this is probably not necessary as long as the lawsuit and the debt is in Canada. However, if you do have debt in the US and you file a bankruptcy in Canada, this will not extinguish the debt south of the border

For more details about your provincial exemptions contact licensed trustee in your area and he will be able to advise you as to the best direction to proceed.

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