The Canadian government has authorized BDO Grand Falls to administer Bankruptcy proposals.
Consequently, this firm is the legitimate resource for people seeking bankruptcy help in the GRAND FALLS, NEWFOUNDLAND area.
However, this firm offers bankruptcy help to people in various cities in the provinces of Canada with its wide network of offices in provinces across Canada. This firm is the Licensed Insolvency Trustee (LIT).
BDO Financial Restructuring Services Grand Falls, NL Licensed Insolvency Trustee
There are several questions relating to bankruptcy that you can find through a large number of articles and database we have.
You can even contact us directly to clarify issues you are not clear about.
The most often asked question we hear from clients is what happens to their house, once they file bankruptcy.
The rules regarding the impact of bankruptcy on housing are complicated.
It varies from one province to the next.
A lot will also depend on your specific case.
However, the basic rule is nearly the same.
You do not keep the house in bankruptcy especially when there’s a lot of equity in it at the time of bankruptcy.
In order to determine how much equity is there, you can calculate it in the following manner:
Your home’s equity includes the value of the house minus the amount you have to pay back on your mortgage and the property taxes incurred on this value.
In most of the cases of bankruptcies, so as to pay back to your creditors the amount you owe them.
Alternatively, there is a case when you have very little equity of less than 20% of its value in your recently refinanced or remortgaged house.
In this case, you have the option to retain your house and keep on with mortgage payments if you have other means to continue paying this amount.
Your Licensed Insolvency Trustee will let you know more about it.
You are free to discuss these issues with them without having to pay for the initial first discussion or initial consultancy.
Grand Falls NL A2A 1B7