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

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How can we help you?

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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Home equity

I owe 121,000 on my house and the value of the home is about $165,000 – so I have some equity in my home – will I lose my home if I go bankrupt? I have tried to get a second mortgage with no success to pay off my debt. I understand that I may have to pay a portion of the equity, but how can I do that inside of 9 months and who will loan me the money to pay off the debt if I go bankrupt or can I pay this over a period of time just like a 2nd mortgage.

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One Response to “Home equity”

Barton Goth GCO Bankruptcy Trustees said...

There is nothing preventing you from doing this. If you can obtain the funds there is normally no penalty or cost to paying the proposal out quicker than agreed. However, the one thing to consider is cost of borrowing, there is not interest in the proposal so from a dollar and cents perspective will prove cheaper to simply make payments over time.