What happens to my house when I go bankrupt?

What happens to my house when I go bankrupt?

The Trustee takes any equity you might have in your family home when you go bankrupt. This means that your house may be sold and the proceeds given to your creditors.  If you are a joint-owner, the Trustee may sell your interest to a non-bankrupt joint-owner.  If there is equity in the house most people consider filling a proposal for an amount higher then the equity in the house that they would lose in the bankruptcy.  Even in ther bankruptcy you can still pay the Trustee in bankruptcy your equity in the house and keep the house.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube  Channel.  Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.