nervous wreck

December 12th, 2009 by Questions

I am thinking about claiming bankrupcy and am wondering …i have a second morgage on my house ,we have no equity in it as of right now with the 2 morgages…can i claim bankrupcy without losing my house or will i be forced to sell it

Posted from: Ontario


One Response to “nervous wreck”

, A licensed trustee said:

Assuming you have no equity in your home, then it will not be involved in your bankruptcy (if you decide to file).

A more important question to ask yourself (and one you don’t want to hear from me) is whether or not you should be keeping the house. Before you decide to stay in your home make sure you will be able to carry the mortgages, the taxes and utilities – filing for bankruptcy will eliminate your credit card and other debts, but it may not free up enough cash to make keeping the house a realistic option.

Discuss all of this with your trustee BEFORE you decide to file. I hope you can keep your house, but make sure the decision to do so is based on your budget (ie your ability to keep making the payments).

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