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

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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Will I have to move out of the house right away if i file for bankruptcy?

How long will I be able to live in my house after I go bankrupt? Will the financial institution take possession right away or will it take a certain amount of time?

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One Response to “Will I have to move out of the house right away if i file for bankruptcy?”

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

This is a question I cannot answer as it is heavily dependent on a number of variables (i.e. the province you live, the amount of equity in the property, ability to maintain mortgage payments, etc.). However, I can say that in the majority of situations I see people are able to both file a bankruptcy and retain their principle residence. While to do this you must be in a position to continue making your mortgage payments, but it is often possible. Now if you are not able to make these payments the foreclosure process is no different than in the absence of a bankruptcy and often takes approximately 3 months.

For a more detailed explanation that is based on the specifics of your situation I suggest contact a licensed trustee and he will be able to review the necessary information and help determine what course of action will fit your situation best.