You bought a house but cannot keep up with the payments.
Does this sound like you?Harold Green and his wife bought a house three years ago with a minimum down payment. They did not account for some of the additional expenses of owning a house and are now planning to file for bankruptcy. They are afraid that they will lose their house; what can they do?
What can you do?
In most provinces in Canada, debtors will not lose their house in a bankruptcy. However, if your housing costs are high (mortgage payments, property taxes, utilities) it is often wise to surrender the house. We highly recommend consulting a licensed bankruptcy trustee in your area before proceeding. A trustee can explain all of the rules to you, and make sure you understand the process. To find a bankruptcy trustee near you, click here.
posted by Questions @ 4:23 PM
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