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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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How to keep my home ?

I live in Alberta. My high unsecured debt (about $80,000) combined with loss of income and very difficult personal situation make me good bankruptcy candidate.
It is of extreme importance for me however, not to lose my dwelling. Losing it would put me in even much worse situation both financial and personal.
Based on recent sales in my complex, the condo I own is currently worth about $126,000. My mortgage is $74,000. It looks like the equity in my home is very close to $40,000.
I am current with all home-related payments: mortgage $500/mnth, condo fee $250/mnth, tax, utilities.
In bankruptcy, how will my home equity be calculated ? What can I do to minimize it ? What if I stop paying condo fees (after 3 months the condo corporation would put lien on my house), or even mortgage payments for a month or two ?
My mortgage is with a bank with whom I have also $4,000 credit card debt which I hope to be canceled by bankruptcy.
In about two months I am going to contact a Licensed Insolvency Trustee.
But I will appreciate any insight in his matter now.

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One Response to “How to keep my home ?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

There is nothing you can do to minimize the calculation, it is simply the current value of your property less the existing mortgages. However, you don’t have to worry significantly, even if there is slightly more than the allowable exemption you can make arrangements to repurchase this equity from the estate (meaning if you have $44,000 equity in the property you can arrange with your trustee to simply provide the additional $4,000 over the allowable portion and that way you can stay in the property). If you have any additional questions regarding this you can contact me through Bankruptcy Edmonton and I will be happy to explain this in detail.