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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always broke

I have about $60k in unsecured debt, majority is credit cards. I have been sued and now threaten to take my house. Can they do this since is was unsecured? Is bankruptcy an option to protect my house as we need a place to live? There is about the same amount in equity in the house but i can’t get a loan with my credit now.
thanks

Posted from: Ontario

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One Response to “always broke”

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

Yes, your unsecured creditors can attach themselves to your house. The unsecured creditor doesn’t automatically have the right, they must first sue you, go to court and obtain a judgement. But that judgement gives them the ability to attach themselves to property or garnish wages.

In terms of protecting your house, a bankruptcy likely won’t be able to do that as there is no equity provision for a principle residence in Ontario, but the filing of a consumer proposal may be able to accomplish this.

To know for sure you are best to contact a local trustee in your area.