Do we lose both houses in a bankruptcy?

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Do we lose both houses in a bankruptcy?Do we lose both houses in a bankruptcy?   Our son was supposed to be paying one of the mortgages as his rent but has not paid in over a year.  We cannot afford to keep paying for both.

Do we lose both houses if we declare bankruptcy?

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You are entitled to keep equity in your principal residence, as set by your province:
https://bankruptcycanada.com/bankruptcy/bankruptcyexemptions/

If the exemption is not large enough for you to keep your principal residence, filing a consumer proposal may allow you to keep this home.

Since you cannot afford to keep the second home, a bankruptcy will allow you to give up the home and the mortgage debt will be erased.

You can find more information at the following link:
https://bankruptcycanada.com/what-happens-to-my-house-after-filing-bankruptcy-2/

Yours truly,

Earl Sands, Licensed Insolvency Trustee

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