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If I File For Bankruptcy In Manitoba – Can We Keep Our Home?

"Can we keep our home?" This is one of the common questions asked by people who are considering bankruptcy as a debt solution. We've outlined our answer in this presentation.<br><br>We can help you review your options and make the choice that is best for you. https://lctaylor.com/contact/<br><br>Follow LCTaylor at:<br><br>Website: https://lctaylor.com/<br>Twitter: https://twitter.com/winnipegtrustee<br>Facebook: https://www.facebook.com/LCTaylorTrustees<br>RSS Feed: https://lctaylor.com/feed/

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If I File For Bankruptcy In Manitoba – Can We Keep Our Home?

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  1. If I File for Bankruptcy in Manitoba – Can We Keep Our Home? 

  2. If you’re considering a bankruptcy in Manitoba, there’s a good chance you’ll be able to keep the family home.

  3. Manitoba provides an exemption for some equity in your home in the case of a bankruptcy. Your Licensed Insolvency Trustee will take into account the following: Exemption Joint tenancy Ownership Equity Cost of sale

  4. If it is determined that you can choose to keep your home, then you need to make sure that it really is the best option for you and your family. 

  5. Take a look at the following factors that might ultimately affect your ability or desire to retain ownership of your home.

  6. Your mortgage is likely your biggest single monthly expenditure. If you file for bankruptcy, your debt load will be considerably reduced. Could you afford the mortgage if it was your only debt?  CAN YOU AFFORD YOUR MORTGAGE? Also you need to take into account whether you have already fallen behind on your mortgage payment, and how far behind you are. Can you catch up? 

  7. Are you able to afford the monthly cost of home ownership, such as property taxes, utilities, repairs and maintenance?  CAN YOU AFFORD TO RUN YOUR HOME?

  8. Finally, make sure you know how much equity you’ve built up in your home. DO YOU HAVE EQUITY IN YOUR HOME? If the amount of equity is high, your Trustee may suggest that you consider an alternative to bankruptcy, such as a consumer proposal. If you have a small amount of equity in your home, your chances of being able to keep it after bankruptcy are better.

  9. It’s important to realize that whether or not you decide to keep your home after bankruptcy will affect your future financial stability.

  10. The home may give you an excellent opportunity to build up your credit again as you continue the mortgage payments. On the other hand, if you can’t really afford the mortgage and upkeep of the home, it will take you back down the same path of debt and, ultimately, insolvency.

  11. Be sure to consult a Licensed Insolvency Trustee to discuss your options. It’s extremely important you fully understand the implications regarding home ownership. Everyone’s situation is unique, and requires careful consideration with expert advice. 

  12. TOLL-FREE: 1.800.463.8371 MAKE AN APPOINTMENT [Free, No-obligation] LCTaylor Licensed Insolvency Trustees

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