You must not lose your property in the event that you go bankrupt. In the event that you carry on making your home loan repayments the lender cannot foreclose or repossess your property.
As an example: then the bank can foreclose on your home if you default on the payments for your mortgage.
Then you will need to pay that equity to your Trustee in Bankruptcy for the benefit of your unsecured creditors if there is equity (is your home worth more than the mortgage debt on your home.
In certain provinces, there clearly was protection for many associated with equity in your principal residence. Nevertheless, there isn’t any security for equity in your principal residence in the event that you reside in New Brunswick, Nova Scotia or Prince Edward Island.
As an example: In Alberta, the very first $40,000 of equity in your house is protected from unsecured creditors.
If you should be having trouble spending the money you owe you really need to contact a Trustee in Bankruptcy (Licensed Insolvency Trustee) to examine your alternatives.
Powell Associates Ltd. is a insolvency that is licensed. We have been skilled, hands-on insolvency professionals whom realize the individual effects of major economic anxiety;
You will not be stuck within an installation line procedure.
You certainly will expect and get prompt reactions and resolution of problems from our supportive and experienced group.
We are going to review your financial troubles solution choices, including filing a customer proposition or a bankruptcy proceeding.
We assist Canadians with overwhelming financial obligation get fresh starts that are financial.
When you file a customer proposition or individual bankruptcy, we deal straight along with your creditors in your stead. Your creditors that are unsecured needed to stop calling you or continuing legal procedures against you. Continue reading “Can I lose the house if we get bankrupt”