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will i loose my home ? if i claim Bankruptcy

Posted from: Ontario

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One Response to “Home”

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

Hello,

The answer to this really depends on the value of your home and the amount owing against it (i.e. line of credit or mortgage).

If your house is worth more than the value of the financing against it the filing of a bankruptcy may impact your house. This doesn’t necesarily mean you will lose it, but it technically it is possible. As a result we would then suggest if you want to keep the house you would be better to look at a consumer proposal as opposed to a bankruptcy, but that is another conversation all together.

At this point you are best to contact a local trustee, review the details of the property with that trustee and they will help you determine the best approach.