Bankruptcy Services of Collins Barrow Limited - for Calgary and Edmonton, Alberta

Author:		MR
Date:		August 19, 2000
Question:		Up until a month ago I had been in an occupation netting $34,000 a year. Because of illness I am unable to work in that occupation and am waiting for disability income to start. Disability income will be half of that amount. I have $20,000 in debt (vehicle loan and $9000.00 in credit cards). I am already having to withhold credit payments and vehicle payments in order to pay living expenses. My parents paid the bank for the mortgage on my home, several years ago and I am paying them. If I declare bankrupcy can the bank take away my home and other belongings, like machines that I use for business to supplement my income? Is it worth filing for bankrupcy or should I keep trying to pay what I can each month on my credit loans?


From:		Shane Brenneis, Collins Barrow Limited
Date:		August 21, 2000
Answer:		You are allowed certain exemptions of your assets, but this will depend on the province you live in. Do your parents have a mortgage on the property? If not, they are unsecured and do not have a claim on your house. To obtain a full picture of your situation I would suggest that you contact a trustee in your area by looking in the yellow pages under bankruptcy. They will give you a free assessment. Shane Brenneis phone: (403) 298-1575 sbrenneis@collinsbarrow.com