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bankruptcy

Is there a way to keep my house if I file for bankruptcy?

Posted from: Ontario

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One Response to “bankruptcy”

A licensed trustee said...

In order to keep your home you need to (a) keep the mortgage and property taxes up to date, and (b) pay an amount equal to the equity in your home into your bankruptcy for the benefit of your unsecured creditors.

Equity is the amount of money you would receive if your house was sold after the mortgage, property arrears, legal fees and real estate commissions have been paid.

If you don’t have any equity in your home then all you need to do is keep the mortgage and property taxes up to date and you can keep it when you file for bankruptcy.

If you have equity then you need a plan in place to “pay” am amount equal to your equity into your bankruptcy or your home may be seized and sold. If you have a lot of equity you might want to consider filing a consumer proposal instead of bankruptcy – it may give you more time to make the payments.