People have many concerns when they come into my office, but a few concerns seem to come up more often than not. One concern that is in the forefront of many minds is the fear of losing their home.
Can I redo my mortgage if I file for personal bankruptcy? This is a question I get asked on a regular basis, so it's one that I like to revisit every once in a while.
You are permitted to keep some assets in a bankruptcy. These exemptions are set by various federal and provincial laws. For personal bankruptcy in Ontario, the following assets are exempt:
I was recently asked by a friend if it was better for them to pay down their mortgage or pay off their credit cards. I answered him with a question of my own. I asked him if he was given the option of the following two investments which would he choose?
JOE ASKED: I have personal loans with two different friends that alone equal $15,000. Can these loans be eliminated with personal bankruptcy? Can I keep my mortgage?
Many people wait too long to get the debt help they need.
If you file personal bankruptcy any equity that you have in your home becomes property of your bankrupt estate.
Make sure you have a plan to pay off your credit card debt.