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Will we lose our home if we file for bankruptcy

Posted from: Ontario

One Response to “home”

A licensed trustee said...

Whether or not you’ll lose your home (if you file for bankruptcy) depends on how much equity you have in your home. Equity simply means “how much money wil be left for you” after the house is sold and all the closing costs have been paid.

If you have equity in your home then an amount equal to the equity must be paid into your bankruptcy. If you can’t do that then your trustee will probably have to sell your home.

Houses can cause quite a great deal of concern – use the links on this site to find a trustee in your area and give them a call. They can walk you throught the calculation and your options for dealing with your debts.