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

mortgage

my spouse and I are considering bankruptcy.We have a mortgage of $250000 and a total home equity line of credit for $95000. If we claim bankruptcy does it take care of the line of credit or does it combine with the mortgage payment ?

Posted from: Alberta

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “mortgage”

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

As both the mortgage and home equity line of credit are secured against your house, if you stay in your home they are not cleared and you have to pay them both as originally contracted.

The only scenario in which these amounts would be cleared is if the property was either foreclosed on or you returned it to the bank prior to the filing of a bankruptcy.