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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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personal bankruptcy

I am thinking of filing for bankruptcy. I only make $10 dollars an hour and I got credit cards to pay in which I am not only behind in my monthly payments but also I believe I won`t be able to repay them.

My problem is I own a house. Actually, my wife and daughter co-owned the house. Its mortgage is in its 3rd year. We bought the house in 2007. My question is if I file for bankruptcy, is there an effect to our house? I am scared the government or my trustee take the house from us.

We pay our mortgage on a monthly basis. Our mortgage company has no problem with us. We never were late in our monthly payments. And if I file for bankruptcy, how much I spend for legal fees (to the government and to my trustee)? I am scared I don`t have money enough to pay these fees.

Thank you.

Posted from: Alberta

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One Response to “personal bankruptcy”

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

This will depend on two things;
a) whether or not your name is listed on title to the house; and
b) how much equity is in the house.

I would recommend contacting a local trustee and if you provide them with the answers to the two questions above they will easily be able to answer your question.