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owner of a small cafe

The only creditor I have is the bank. The business loan is secured with collateral from our residence. If I declare bankruptcy will the bank definitely take possession of our home?

Posted from: Saskatchewan

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One Response to “owner of a small cafe”

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

The bank will only foreclose on your home if you stop paying the loan. A bankruptcy will not prevent this from happening. When you gave the house as collateral you contracted that no matter what if that loan is not paid then your house will be used to prevent any shortfall to the creditor. This operates before a bankruptcy as a bankruptcy is designed largely with your unsecured debts in mind.