Save your home in a bankruptcy

I write in connection with the June 1 Canadian Press article, “Options at the end of your financial road”. I am a trustee in bankruptcy with MNP Ltd., based in Regina.

The article is generally accurate, but is based on Ontario law where individuals do not receive an “exemption” for any equity in their primary residence. In Saskatchewan, each person is entitled to a $50,000 exemption in the equity of their home.

I have never had a person lose their home in a bankruptcy or proposal in Saskatchewan in more than 30 years of working in this field unless they did not make their mortgage or property tax payments as required.

A trustee cannot force the sale of a primary residence in this province. I can register what is called a “bankruptcy caution” if there is more equity than allowed, but all I can do is wait until the individual chooses to sell their property.

There are differences between bankruptcies and consumer proposals across the provinces and I would encourage individuals struggling with financial difficulty to consult with a trustee such as myself who is resident in their particular province.

Ian Schofield was a Bankruptcy Trustee from our Regina location. To learn more about Saskatchewan insolvency or how MNP Debt can help you, contact any of our local offices.