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Will I lose my house if I declare bankruptcy?

Most people who go bankrupt don't lose their house.

If there is a mortgage on your house in Thunder Bay, the bank will decide whether to allow you to keep your house. They have the right to do this because they are a secured creditor, i.e. they hold your house as collateral for the loan.

Most banks will allow the home owner to keep the house in a bankruptcy if the mortgage payments are up-to-date at the time the bankruptcy occurs, even though you may owe other unsecured amounts to them, such as an overdraft or credit card.

You will also have to make arrangements with the Trustee if there is any equity in the house. Equity is the difference between the value of the house and the amount owing on the mortgage. If there is equity, you will have to pay the equity to the Trustee if you want to keep your house.

You will have to get a valuation done on your house so that the Trustee can advise you. You should discuss the house situation with the Trustee in advance of filing for bankruptcy to help alleviate unnecessary stress and to get the proper advice from the Trustee.

Contact us in Thunder Bay for a free consultation bankruptcy and other debt help options.

 

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