The way any asset are treated when someone files for bankruptcy is based on provincial legislation. Each province can set a list of property that is considered exempt. In Alberta this is done by the Civil Enforcement Act and this legislation stipulates that you are allowed to claim as exempt up to a maximum of $40,000 equity in a principle residence. Clearly you are well above that amount. So if you filed for bankruptcy likely you would have to pay in a significant amount of money into the bankruptcy estate. From the numbers you provided, this would likely be almost equall to the level of your debt. As such the filing of a bankruptcy is not going to be a good route for you. You would be better to sell your house and use a portion of the sale proceeds to pay your debts in full.