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ponzi scheme

If we are in debt over $340,000.00 due to a ponzi scheme from five years ago and our house is worth around $600,000.00 can we declare bankruptcy and keep our house? We are living on a pension getting further in debt every day and looking for full time employment.

Posted from: Ontario

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One Response to “ponzi scheme”

A licensed trustee said...

You are not alone – more and more people are falling victim to ponzi schemes these days…

Whether or not you may keep your house depends on the amount of equity in your home. If it is fully paid for and it is worht $600,000 then you probably are not eligible to file for bankruptcy. If you sold your home (or refinanced it) you could pay off your debt in full.

If you home has an existing mortgage and the amount of equity in your home is less than what you owe you may be able to keep it if you file for bankruptcy – it depends on how much equity you have and whether or not you can afford to pay that much into your bankruptcy.

If you call a trustee they can likley give you a “ball park figure” for the amoutn of equity in your home and help you look at the various options you have to deal with your debts.