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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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Will a bankruptcy help me if I have a house and the mortage is larger the the porperty value?

What happens to my house and mortage if the debt far exceeds the equity in my home? Can I file bankruptcy and keep my home and car?

Posted from: Ontario

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One Response to “Will a bankruptcy help me if I have a house and the mortage is larger the the porperty value?”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

If your mortange exceeds the value of your house, so you have no equity, and you file for bankruptcy you will have no issues with your house as long as you are up to date with your payments, and continue to make your payments as originally contracted.

As for the car, this will depend on teh amount of equity in the vehicle and whether there is a loan against the vehicle. However, if the equity in the vehicle is less than the amount allowed in your province ($5650) and you can continue to make any payments, then typically you won’t have many issues, but it would be best for you to confirm this with a local trustee.