Alberta Bankruptcy

Author:

Anonymous

Question:

We are married and live together. i owe 185000$ in unsecured debt, cc, promisary notes, rc, and 2 civil suits. she owns the home and mortgage, pays all expenses, takes care of the 2 kids. i changed carreers recently due to health issues and make quite less, and am considering bankruptcy, will our home be an asset that is at risk of foreclosure?

From:

Alger & Associates Inc.

Date:

Sep 07, 2010

Answer:

If you have never owned the home, the only risk of foreclosure would be if you don't make your mortgage payments. If you transferred ownership of the property in the last 5 years for no real value there is a real risk if the house has equity.

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