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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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Renewing my mortgage after filing for bankruptcy.

My spouse and I are currently considering filing for bankruptcy in Ontario. We do not want to lose our home which we have owned for four years. We have never missed a payment on the mortgage or the taxes. The mortgage renews next year and we are concerned as to how a bankruptcy would affect us for the renewal?

We have a Consumer Proposal at the moment but have recently received an additional bill (for returning a leased vehichle which was not included in the Proposal). There is still 19 months left on the proposal. The bill is over $7000. In addition, part of the Proposal is a student loan in the amount of $31,000.00 which is now over 10 years old (from the province of Quebec)

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One Response to “Renewing my mortgage after filing for bankruptcy.”

A licensed trustee said...

Normally, mortgages are unaffected by bankruptcy filings. If you are concerned about your renewal then I suggest you go and see your mortgage company now. In that way you can discuss with them your concerns about renewing due to the proposal and “slip in” some questions like “what would happen if our proposal fails and we have to file bankruptcy?”

It makes more sense to ask these questions directly to your mortgage company than to rely on information from a free website.