The following article addresses the commonly asked what will happen to my house after filing bankruptcy question.We all dream of home ownership. But what happens when the Canadian dream of owning your own home does not work out as well as expected?
It costs a lot of money to own a home. You have mortgage payments and property taxes. Your gas and electricity bill will be higher than when you lived in an apartment, because your house is bigger.
Of course everyone wants furniture for their bigger house, and that costs money. Unfortunately many Canadians buy a new home and then go to a furniture store that offers a “buy now, pay later deal”. It sounds great: I get my furniture today, and I don’t have to pay for it for a year. It’s great until next year comes, and now you’re faced with a huge bill for furniture that you can’t afford.
If when the furniture bills comes in you have also lost your job, or perhaps had your hours cut at work, you now have a problem.
For many people the only solution may be a personal bankruptcy.
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