FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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bankruptcy and my home

i have read all the info on this site.

i am a single female, age 55, my home is very important to me. i am in over my head with debts, mortgage is ok. i have a steady job. if i go bankrupt is there ANY Way i could lose my home. i understand whatever payments i agree to make i would have to do…but is there ANY way i could lose my home. should i see a lawyer? thanks alot.

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One Response to “bankruptcy and my home”

A licensed trustee said...

If you file bankruptcy and there is equity in your home you will be required to either agree to pay an amount equal to the equity into your estate (another word for bankruptcy) or your trustee may be required to sell your home in order to collect that money themselves.

Your equity is the amount of money that would be left over if you sold your home (ie after the mortgage is paid off, the legal fees, the realtor, etc).

Many people who have equity in their homes decide to file proposals to their creditors instead of filing bankruptcy. In a proposal you could take 3,4 or even 5 years to repay your equity, which for many people is a manageable amount.

I suggest you use the links on the side of the page to contact a trustee in your area to discuss your situation and your options.

You have alternatives, but you need to make the first step if you’d like someone to help you sort things out.