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

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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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Homes

Will I loose my house if I claim bankruptcy because it is paid.

Posted from: Ontario

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One Response to “Homes”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

In Ontario you are not permitted to have retain any equity in your house. So if you file for bankruptcy the equity must be dealt with. As such you are best to contact a local trustee and ask them how this type of situation would be handled. From my perspective it suggests you may want to consider filing a consumer proposal as opposed to a bankruptcy to try and protect this equity, but you will have to discuss whether or not this is possible with the trustee you contact.