Alberta Bankruptcy

Author:

Anonymous

Question:

I am currently going through a divorce. My ex is responsible for paying the debt on our holiday trailer(-26000.00)our quad(-12000.00) and our home ( -150000.00). The home is for sale, but no takers. My name is still on all of these loans.He has not been working and has not been making the payments for the last 5 months. I was just laid off of my job as well and have no hope of taking over the pyts. Would it be advisable to look into bankruptcy. And if so what are the steps to do so?

From:

Alger & Associates Inc.

Date:

Dec 30, 2009

Answer:

If payments are not being made on these loans and you are both signed on the debts, when the bank proceeds to foreclosure and seizure you are both responsible for the deficiency on the debts. Ultimately, the balances owing when the assets are sold will determine if a bankruptcy is necessary. If you receive notice of legal action or collection activity the balances will be indicated. To initiate a bankruptcy, you must contact a trustee and they will set up an interview to review your options.

Karen Rideout
phone: (403) 296-2973
krideout@alger.ca