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Author:		Trevor
Date:		August 26, 1999
Question:		My wife and I live in Ontario and have 2 children. The house is in my wife's name only, but I am a guarantor on the mortgage. We have 1 loan in both our names, And I have 3 loans in my name. If I go bankrupt, will we lose our home even though it is in her name and the mortgage payments are up to date? What will happen if I go bankrupt?
From:		Shane Brenneis, Collins Barrow Limited
Date:		August 26, 1999
Answer:		A secured creditor is not affected by a bankruptcy. You are still required to make your regular mortgage payments. As long as you are up to date you should have no problem with the mortgage company. The other side of the problem is whether the equity in your property is exempt. This will depend on the province you live in, as each province has its own exemption levels. You should contact a Trustee in your area by looking in the yellow pages under "Bankruptcy" to obtain a free assessment of your financial situation. Shane Brenneis phone: (403) 298-1575 sbrenneis@collinsbarrow.com