No one wants to be in a bankruptcy situation. But when that happens, you have to know how to bounce back and act according to the circumstances. Find out what a bankruptcy situation is and what you can do with your home if you were affected.
This term is quite common in the professional world, but a little less common among individuals. However, its definition is relatively similar in both cases. Bankruptcy is a procedure through which you have the opportunity to discharge most of your debts fairly quickly. This is possible thanks to procedures for the assignment of some of your assets and thus reimburse your creditors.
This situation occurs when you become insolvent and your debts exceed CAD 1,000. Bankruptcy can be voluntary, if you make the decision to file for bankruptcy, or forced if your creditors force you to do so.
To qualify for bankruptcy, you must meet the following criteria:
With bankruptcy, you can pay off your debts and get out of your debt situation in a few months.
A mortgage is a loan that is usually taken out for the purpose of financing another property. The lending entity will become the owner of your property in the event that your loan is not repaid on time. This serves as a guarantee. There is a very important element of...
When you find yourself in a bankruptcy situation, the usual course of action is to sell your assets to pay off your debts. You call on a trustee to evaluate all of your assets, their value and the value of your debts in order to see which of your assets will be sold and which will be kept.
If you want to keep your home, you can also take out a mortgage to pay off the most pressing debts. However, this may only be a temporary solution, as you will get a new debt instead of a debt.
Speak directly with one of our experts
At AchatdeProprietes.com, we specialize in buying back all types of real estate. If you are facing financial difficulties, the administrative steps related to declaring bankruptcy and calling on the trustee can be long and tedious. We buy your house in the shortest possible time.
Whether there are repairs to be made or other work to be done, you can sell us your house as is. The procedures and paperwork are quick and simple, allowing you to get your money as quickly as possible.
This way, you will be able to pay off your debts and get out of your current situation in a simple way. In addition, we buy at a very good price. Do not hesitate to contact us and make us an offer on your house for sale. We will answer you as soon as possible to make an appointment.
If you have received a letter from us, it is because you have received a notice of non-payment from a financial institution or because you have inherited a property via estate. All information related to 60-day notices (exercise notices) and estates is public record and can be found online at the Land Registry of Quebec. It is through this free government resource that we have access to this information which is public in nature. We only have access to the names and mailing addresses of the owners, not the phone numbers. That’s why we work with a letter system that gives you the choice to contact us or not.
As real estate buyers and investors, we must necessarily make our investments profitable. We offer you to buy your property quickly, cash and WITHOUT paying any commission. We will also pay for your move, if necessary. To do so, we must necessarily pay below market value. HOWEVER, in the majority of cases, it is better for your to sell your property quickly under market value rather than losing any potential profit to the bank or not selling at all and to be stuck with it for several months which will incur additional costs. You could lose a lot of money and damage your credit report for a long time. Buying houses in cash and buying condos in cash.
We buy properties of all types, regardless of condition and price. Whether your house or condo needs minor or major renovations, it’s not a problem. It’s all a question of price. You just need to be realistic in your expectations in terms of the sale price of your property considering the work that needs to be done. In other words, there is no need to clean or do any work on your property because we buy it as is. Purchase of houses in cash and purchase of condos in cash.
Once you have submitted your home or condo information via the contact form, we will call you within a maximum of 48 to 72 hours to further discuss and obtain the relevant information for our analysis. Thereafter, we will contact you again as soon as possible if your property proves to be of interest to us, in order to discuss a potential purchase offer and to set up a visit of the property, only if the amount of the offer is suitable for you. You will be under no obligation or pressure to sell to us. Cash purchase of houses and cash purchase of condos.
It all depends on your needs, the type of property you are selling and its condition. We can usually buy a house or condo in 5 to 7 days depending on the case, if that’s what you want. If you need more time to move, then we can extend this delay without any problem. You can also choose the date of signing of the sale at the notary, at your convenience. Cash purchase of houses and cash purchase of condos.
There are no fees related to a transaction with us. We make a return on our investment through the property you sell to us and there is absolutely no commission to pay. We pay all fees and costs related to the transaction. Buying a house in cash and buying a condo in cash.
Of course not! You make the decision that best suits your needs. You will never be obliged to do anything in a transaction with us. Our main objective is to make the transaction a win-win for both parties. Cash home purchase and cash condo purchase.
You will receive your money in good and due form a few days following the signing of the deed of sale at the notary. The notary must first register the transaction in the Land Register of Quebec, and then will be able to issue your check. Deadlines are usually 24 to 48 business hours.
