I am thinking about filing for bankruptcy. I owe about $60,000 on numerous credit cards. One card is from the bank that holds my morgage. It is locked in for 4 years. Will they be able to make me sell my house (house worth 160,000-170,000--- I own about 15-25 thousand of it--It is CMHC approved). My debit has accumulated quite fast over a short period of time (16-24 months) due to some personel problems. I am getting help now. I never had gone so far into debt in my life. I also own a 95 chev cavilar it was paid for many years ago but worth maybe 3-4k but I have it as security on a 11,000 dollar line of credit will that be seized as well? (it is my only way to get to and from work). I make around 55k a year and wonder if this might not be enough to talk to my creditors about a deal? Your time and effort will be greatly appreciated. I have read how you have helped so many people on this site--- it helps take some of their worries away. Keep up the good work

In Alberta you can keep up to $40,000 equity in a personal residence in a bankruptcy. The mortgage is a separate debt from a credit card and you can retain the house if you keep paying the mortgage. You can also keep up to $5,000 equity in a vehicle, although if you have pledged the vehicle as security for a debt then you must either continue paying the creditor or surrender the asset. You may be eligible to do a proposal and the Trustee will discuss your options with you once your full situation is known.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca