Could you explain to me about property equity in the event of bankruptcy? We have a $132,000 mortgage and $35,000 in credit card debt. The mortgage payments are up to date, but I'm at the point where I'm making those payments on credit. This can't go on much longer, can it? What happens if the house has no equity at the time of bankruptcy? It was built almost 50 years ago and has been poorly maintained.
If your house is worth no more than the mortgage and you go bankrupt, you may be able to keep it if you are not in default on the mortgage, by continuing your payments.
Questions reliées
- 1) I am a person with a disability and I was able to buy my house through the Home Buyers' Plan (HBP), not because it was my first home, but rather because I needed to move to a place (a bungalow) adapted to my functional limitations. If I were to declare bankruptcy, could my house be seized? 2) My partner moved in with me last April after selling his house. We are currently finalizing the mortgage and the notary paperwork so that he can become a co-owner with me. He has already invested nearly $15,000 in the house. Would the house still be subject to seizure if I were the only one to declare bankruptcy?
- A few years ago, I transferred ownership of the house to my wife. She's going to sell it, but I'm considering bankruptcy: credit card debt, taxes, etc. Could there be a problem?
- Can my landlord call my trustee and get information and details about my bankruptcy?
- Could I legally transfer my undivided half-share to my wife by notarial deed without it being considered fraud by the building manager? I'm trying to find a solution to my excessive debt problem.
- I am a student in financial difficulty who has been living in Canada for three years. I am now burdened with enormous debt and am considering declaring bankruptcy because my efforts are futile. The problem is that I am also homeless. I would like to know what my chances are of finding a studio or a one-bedroom apartment after declaring bankruptcy, and do you think an application for loans and bursaries will be accepted despite bankruptcy?