Bankruptcy Question & Answer Forum - Canada

Author:		Dale
Date:		September 29, 2005
Question:		Hi we have been having finacial problems for about 6 month. We have not been able to make min payments on our credit cards. We have not missed a house payment, just credit cards. I now have one of the credit card companys that we owe 6800 on a card. They filed a writ of execution with the sheriff and now they say that they can sell our house. Can they do that and would bankruptcy stop this? Thanks.
From:		Bruce, Alger & Associates Inc.
Date:		September 29, 2005
Answer:		The short answer is yes. However, depending on the equity you have in your residence, and the exemption in your province ($40,000 in Alberta), you may have to come up with some funding to a trustee to pay your creditors for the non-exemept equity in your personal residence. Bruce Alger phone: (403) 296-2970 balger@alger.ca