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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.

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will i lose my house

My home has no mortgage on it it is owned outright. I have come into some severe financial difficulties. If i declare bankruptcy will i lose my house?

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One Response to “will i lose my house”

A licensed trustee said...

If you own your home outright (no mortgage against it) and you file for bankruptcy you will be required to pay your trustee an amount equal to the value of your home. If you can’t do that then your trustee will be required to seize and sell your home.

Now that I’ve scared the daylights out of you – before you think too much about bankruptcy there are two or three other options to consider. I suggest you use the links on this page to find a local trustee that you can talk to. The trustee can decibe these other options to you and then you can decide what makes the most sense.