FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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Feeling lost

My husband and I have had difficulties with lay offs for the last 3 years. We own a home that has maybe 15,000.00 equity. Unfortunately I owe 3 years worth of property taxes totally 12,000.00. I tried to get a second mortgage, no go. I have debt including the taxes of about 25,000. If I declare bankruptcy, will I lose my home.

Posted from: Ontario

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One Response to “Feeling lost”

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

To know for sure you are best to contact a local trustee and they will review the details around the property very carefully. But from what you have said with $15,000 equity and $12,000 property tax owing, you really only have $3,000 in equity. So if you declare a bankruptcy you should be able to arrange with your trustee to pay the difference in as part of the bankruptcy and you should be able to retain the home. But definitely contact a trustee so they can look at the details more carefully.