Question: Hi. Just bought a house with 100% mortgage 6 months ago, so essentially there is no equity in the house. I may be looking at bankruptcy as the only option at this point. Never missed a payment; all associated bills up to date. Will I have to sell/lose the house?
Answer: If you go bankrupt in Ontario, if you want to keep your house, you are required to pay to the trustee the equity in your house. In your case, if there is no equity, you would be able to keep your house.
Of course the other question to ask is whether or not it makes sense to keep the house. If there is no equity, and if the housing market in Ontario is declining, it may be better to surrender the house, find a place to rent, and then file bankruptcy.
Each person's situation is unique, so to fully explore your options contact an Ontario bankruptcy trustee for a free initial consultation.
Answer: If you go bankrupt in Ontario, if you want to keep your house, you are required to pay to the trustee the equity in your house. In your case, if there is no equity, you would be able to keep your house.
Of course the other question to ask is whether or not it makes sense to keep the house. If there is no equity, and if the housing market in Ontario is declining, it may be better to surrender the house, find a place to rent, and then file bankruptcy.
Each person's situation is unique, so to fully explore your options contact an Ontario bankruptcy trustee for a free initial consultation.
Labels: bankruptcy Ontario, what do I get to keep if I go bankrupt
posted by Questions @ 10:31 PM
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