Comments on: Going Bankrupt and Rebuilding Credit in Canada: Part 3 http://wheredoesallmymoneygo.com/going-bankrupt-and-rebuilding-credit-in-canada-part-3/ A personal finance blog written by Preet Banerjee Sat, 11 Feb 2012 16:22:10 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Hollie http://wheredoesallmymoneygo.com/going-bankrupt-and-rebuilding-credit-in-canada-part-3/#comment-1621 Hollie Thu, 11 Mar 2010 00:14:25 +0000 http://www.wheredoesallmymoneygo.com/?p=1833#comment-1621 You are correct if you have a lot of equity in the house you will either be required to pay the trustee the value of the equity so that is can be given to creditors or you could have the home seized. If your house has little or no equity, you can usually make an arrangement with the mortgage company to keep paying your mortgage, and keep your house after filing bankruptcy.Either way you will want to consult legal representation. In most cases there are ways to keep the house. The laws are slightly different in each province. I am going to have Preet edit the post to include a correction. For me as a non home owner this was not an issue. You are correct if you have a lot of equity in the house you will either be required to pay the trustee the value of the equity so that is can be given to creditors or you could have the home seized. If your house has little or no equity, you can usually make an arrangement with the mortgage company to keep paying your mortgage, and keep your house after filing bankruptcy.Either way you will want to consult legal representation. In most cases there are ways to keep the house. The laws are slightly different in each province.

I am going to have Preet edit the post to include a correction. For me as a non home owner this was not an issue.

]]> By: Patti http://wheredoesallmymoneygo.com/going-bankrupt-and-rebuilding-credit-in-canada-part-3/#comment-1620 Patti Wed, 10 Mar 2010 18:14:18 +0000 http://www.wheredoesallmymoneygo.com/?p=1833#comment-1620 With competent representation most people can keep their homes. The Trustee in Bankruptcy is required to represent the interest of the creditors. They can tell you how the process works but can't advise on what a person can do to protect their assets. There are numerous factors involved with a home in bankruptcy which is another reason to have representation. With competent representation most people can keep their homes. The Trustee in Bankruptcy is required to represent the interest of the creditors. They can tell you how the process works but can’t advise on what a person can do to protect their assets. There are numerous factors involved with a home in bankruptcy which is another reason to have representation.

]]> By: Patti http://wheredoesallmymoneygo.com/going-bankrupt-and-rebuilding-credit-in-canada-part-3/#comment-1619 Patti Wed, 10 Mar 2010 18:05:04 +0000 http://www.wheredoesallmymoneygo.com/?p=1833#comment-1619 if you have an asset like a home you should seek out competent advice. The Trustee in Bankruptcy is required to represent the interests of your creditors. He can tell you about the process but can't tell you how to protect yourself. In most cases you can keep the home but as I said, you should be represented. if you have an asset like a home you should seek out competent advice. The Trustee in Bankruptcy is required to represent the interests of your creditors. He can tell you about the process but can’t tell you how to protect yourself.
In most cases you can keep the home but as I said, you should be represented.

]]> By: Marianne O http://wheredoesallmymoneygo.com/going-bankrupt-and-rebuilding-credit-in-canada-part-3/#comment-1618 Marianne O Wed, 10 Mar 2010 15:45:28 +0000 http://www.wheredoesallmymoneygo.com/?p=1833#comment-1618 I'm concerned about the accuracy of some of the information in this post. For example, it's not necessarily true that "you are allowed to keep your primary residence." Whether or not you can keep your residence depends on (a) whether you can afford to pay the trustee the amount of equity in your house, and, if you have a mortgage, (b) the agreement of your mortgage company. Even if you've never missed a payment, your mortgage company has the option to cancel your contract, forcing you to either refinance or sell the house. I’m concerned about the accuracy of some of the information in this post. For example, it’s not necessarily true that “you are allowed to keep your primary residence.” Whether or not you can keep your residence depends on (a) whether you can afford to pay the trustee the amount of equity in your house, and, if you have a mortgage, (b) the agreement of your mortgage company. Even if you’ve never missed a payment, your mortgage company has the option to cancel your contract, forcing you to either refinance or sell the house.

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