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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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Secured Debt and Bankruptcy

I have two secured Personal Credit Lines that are secured by my home. These make up over 50% of the cash debt I have. What will happen with these credit lines if I commence with a Debt Proposal or Bankruptcy??

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One Response to “Secured Debt and Bankruptcy”

A licensed trustee said...

The short answer is nothing.

Proposals and bankurptcy deal with unsecured debts. If the lines of credit are secured by your home then they will not be included in your bankruptcy or proposal(unless you are going to lose your home as part of the bankruptcy).

You should double check your agreements to make certain that you did infact pledge your house as collateral. You should also confirm that the bank registered the lines of credit as a charge on your property.