As per the other posts your province has equity exemptions.

So you have recently entered into a proposal and waiting for votes? if you owe more than 250k and the proposal fails than you are automatically bankrupt. If you are less than 250k and they vote no, what they are saying is we want more money and so begins the negotiations.

Like Dominoe says, "I would exercise caution since trustees have no idea what a bank will accept as a settlement "

You must clear all your loans at the time ,this can make your bad impression because of your bad credit history. Well it depending on which province you're in, there are homesteaders rights... you can keep the house to a certain value... the bankruptcy trustee will be better able to answer the question.

as the last poster said it depends on the province you are in for specifics and it depends on the equity in your home. But the short answer is yes you can keep your home.

I would love to get more information from you though because their might not be any need to go bankrupt. Many people really have no idea of what real options are available for them. Bankruptcy really should only be used if you want to get out of taxes or need your credit back relatively quickly (12-24 months) but most people have no idea why that is. Of course if you are self-employed and owe hundreds of thousands of dollars to suppliers, well thats different.
Keep in mind that if your home does not have any equity and the mortgage payment is not eating a huge amount of your income then there is no reason why you would need to sell it. If there is equity in your home then your trustee may instruct you to either sell the home or to take equity out of the home through a 2nd mortgage to settle out your debts. But I would exercise caution since trustees have no idea what a bank will accept as a settlement other than what they are told by collection agencies and they are not going to tell you what their minimum is.

depending on which province you're in, there are homesteaders rights... you can keep the house to a certain value... the bankrutpcy trustee will be better able to answer the question...

Why are you declaring bankruptcy? Is it that you have no promise of income in the future?

we are looking at a proposal but it may not go through - if we declare bankrupsy - can we keep our house?