If you're having financial difficulties and live in the Regina area, call (306) 525-DEBT (3328) OR toll free at 1 800 961-DEBT (3328) today to meet with one of our experts, or complete the ask a question form to send us a message and we'll get in contact with you.
Though Regina is considered to have some of the most affordable housing in Canada, it is not uncommon for residents to fall behind on payments. Many people wonder what will happen to their home if they choose to file for bankruptcy. This is not an unusual concern.
If you file for bankruptcy and there is equity in the home, you will be required to either pay the amount equal to the equity into your estate, or your trustee may need to sell your home in order to collect the money themselves.
Equity is the amount of money that would be left over if you were to sell your home (after the mortgage, legal fees etc are paid).
Many who have equity in their homes opt to file consumer proposals to their creditors rather than filing for bankruptcy. This is because a proposal allows you to take several years to repay your creditors, which tends to be much easier.
If you are worried about losing your home in a bankruptcy, we suggest contacting a bankruptcy trustee in Regina. The trustee can help you determine the best solution for your situation.
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