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I do not want to lose my home.

I do not want to lose my home, but I am not sure how much equity if any you are allowed to have when claiming bankruptcy or proposal. Is there a max amount you can have without losing your home?

Posted from: Ontario

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One Response to “I do not want to lose my home.”

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

The level of equity is determined based on provincial exemptions. In Ontario there is no provision for any equity in home. So what that means is that if you file for bankruptcy the value of that equity has to be paid in as part of the equity, otherwise the home has to be sold. So if you are looking at trying to protect the equity in the property you are better off to look at the filing of a consumer proposal as there is not the same vesting of assets that occurs with a bankruptcy.