Personal Bankruptcy Forum


Author:   Rob
Date:   August 28 , 2000
Question:  
My wife and I thought that we could pay off our debt by using Debt repayment; as it works out we can't afford the payment with them and we have some questions about bankruptcy. We bought our house using the home buyers plan borrowing our RRSP money which needs to start being repaid next year. We have one secured debt with the Associates, and several unsecured debts totalling about 60000.00 My wife cannot work a full time job because she is pregnant, and we have a 2 year old. The equity in our house is not worth mentioning because we only bought it last year we don't want to lose our home and the one vehicle we own is requieed for my work, it's only valued as a trade at 3000.00 anyways. My take home is 2500.00.

What is this fee for filing for bankruptcy about, what kind of debt will survive bankruptcy, can the bank take our home, we listed some furniture with the Associates. Can they take it? Thanks for your help.

 


From:		  

Shane Brenneis, Collins Barrow Limited
Date:   September 7, 2000
Answer:  

The bankruptcy fee is a tariff set by the goverment and the basic cost is $975. Most Trustees accept monthly payments and don't request anything down.

As long as you are up to date and can afford your mortgage, you should be able to keep your home. If your Associates debt is secured by your household goods, you will probably have to keep paying that loan.

To obtain a free assessment and more details of your financial concerns you should contact a Trustee in your area by looking in the yellow pages under "Bankruptcy".

If you have any further questions or want to come in for a free consultation to our office, please call or email me using the information below.

Shane Brenneis
phone: (403) 298-1575
sbrenneis@collinsbarrow.com




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