Bankruptcy and house

November 20th, 2009 by Questions

I have two loans, and credit cards costing me up to $1200/mnth. I also have a mortgage payment that i`m keeping up to date. Will i lose my house if i file for bankruptcy????

Posted from: Ontario

Questions

One Response to “Bankruptcy and house”



, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The answer to this question will depend on the amount of equity you have in the property and your ability to keep up with payments on the mortgage.

The best thing to do do is to first determine the amount of equity in the property (i.e. market value less mortgage balance) and then contact a local trustee and they will be able to help you determine what would happen with the property.

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