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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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Lose my car and home

My home has $25,000.00 equity in it. There is a private mortgage on it. We have debts in excess of $200,000.00 and are pensioners. Will we lose our home and car?

Posted from: Ontario

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One Response to “Lose my car and home”

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

It is difficult to comment on your car, but as long as the equity in it is less than the exemption level permitted in Ontario ($5,650) then you shouldn’t have any trouble with the vehicle.

The house will be a little more difficult as no equity is permitted in Ontario. However, This is something you will have to discuss directly with a local trustee . You will be able to look at filing a bankruptcy and repurchasing the equity from the trustee, or alternatively you may want to consider the filing of a consumer proposal as it can allow both avoid bankruptcy and retain some equity in your property.