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

"*" indicates required fields

X/Twitter

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*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.

This field is hidden when viewing the form

Source

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Utilities & House and bankruptcy

I am married and all utilites (hydro, telephone, internet, satelite…basically everything is in my name). They are all current and are not behind in payments at all. My question is that if I file a bankruptcy, what happens, should these utilites be put into my spouses name before I file?

Also, how is home equity determine. We have owned our home for 5 years and have just renewed our mortgage. Is a home appraisal required to determine market value? The house is in both our names and the mortgage and taxes have never been in arrears?

Thanks.

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Utilities & House and bankruptcy”

A licensed trustee said...

As a general rule you can continue to have utilities in your name and continue to pay them while you are bankrupt. If you are worried about, you could switch them into your spouse’s name before going bankrupt.

Yes, to determine home equity, an appraisal is required. The trustee will use the appraisal and proof of the amount owing on your mortgage to determine the equity.

Feel free to contact a licensed trustee for more information.