May 30th, 2010 by Questions
Will you lose your house if you declare bankruptcy?
Posted from: Ontario
May 31, 2010 at 1:32 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
To answer this question you really need to contact a local trustee as there simply isn’t enough information to determine what is going to happen with the house. This will all depend on a) the value of your house, b) the amount of the mortgage against the property, c) whether or not you are up to date on the payments, and d) your ability to remain current on the payments going forward.
In most cases people who file for bankruptcy do not loose their house, but it is important to review the details in advance with a licensed trustee to verify what will happen in your situation.
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