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If you file for bankruptcy you surrender your assets (subject to certain limits) to the trustee. Equity in a house is considered an asset. You won't lose your house, but you will have to pay the equity to your trustee. In a lot of cases this can make bankruptcy not very practical. A lot of people in that situation then consider filing a consumer proposal.
To review your options in detail, please call me or email a question.
posted by Rebecca Martyn, CGA, CIRP, Trustee @ 12:55 PM
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