Question: I have a mortgage and i can afford the morgage , but the bank said there is not even equity in the house to remortgage, to pay off my other depts. Would i looe the house if i claimed bankruptsy.
Answer: If there is no equity in your house (meaning the amount owing on the mortgage is about what the house is worth), the trustee will not take your house if you file for bankruptcy in Ontario. In most cases the bank will allow you to keep your house, provided you continue to pay the mortgage.
However, every case is different, so we suggest you talk to an Ontario bankruptcy trustee to review your situation and advise you on whether or not you would lose your house if you filed for bankruptcy.