In 2014 I purchased a condo with a 10% down payment. The occupancy date is April 2018.
From 2014 to present I have accumulated 40k in debt and the banks will not approve my mortgage. I am single with only one income.
At the same time, I don’t want to lose the down payment nor the condo.
Is bankruptcy an option?
It may not be possible for you to keep the deposit of $10,000. You will have to read your contract to see if there is an escape clause that would allow you to keep the $10,000 and to cancel the contract to purchase the home.
If the contact does not offer an escape you may find you are responsible for cancellation the contract, in addition to losing the $10,000 deposit.
I suggest you gather all the relevant documents and set up a free consultation with one of our Licensed Insolvency Trustees at the following link:
Earl Sands, Licensed Insolvency Trustee