Am I going to lose my house?

You will not lose your house as the result of the filing of a bankruptcy or a proposal. If you have a mortgage on your house you would continue to make your regular mortgage payments directly to the bank (or finance company). If your payments are in arrears or foreclosure action has been started you would need to deal directly with your bank. A bankruptcy or proposal can not stop a foreclosure. There is an exemption for equity in your principal residence. In Saskatchewan you are allowed to have up to $32,000 of equity in your home before there would be an issue in a bankruptcy. If you are a joint owner this equity would be allowed for each registered owner. For example if you jointly owned your house with your spouse you would be eligible for an exemption of $64,000. Equity is calculated by taking the fair market value of your house and subtracting anything owed against it. For example if your house was worth $125,000 and you had a $100,000 mortgage you would have $25,000 equity. In Saskatchewan you are eligible for an exemption of $32,000 which would mean that you would not have any surplus (extra) equity that would be affected by a bankruptcy.