General bankruptcy question

If we file for bankruptcy in Saskatoon, do we loose our house and cars?

We are paying a mortgage. The car is paid for, but I use it for my business.

How do I know if I file for bankruptcy?

Answer: The only way to know for sure if you will be required to surrender your house or cars is to discuss it with a trustee prior to filing bankruptcy. If the house is worth about what's owing on the mortgage, you probably will not lose your house, although the final decision may be up to the lender. If you have significant positive equity in your house, it is possible that you will lose it.

To know for sure, have a local real estate agent provide you with an appraisal on your house. Then, get confirmation of the mortgage balance owing from the lender. With these two pieces of information a Saskatoon bankruptcy trustee will then be able to explain your options in more detail.

Labels: bankruptcy Saskatoon