I am currently in debt to the amount of about $70,000, and am considering bankruptcy. I have $25,000 left on a $40,000 mortgage, $13,000 on a truck with a loan from a bank, and the remainder on credit cards and a loan with Household Finance. My wife and I are currently going through a divorce, and there's no way of making payments to her, and also my bills. All but the truck are in both our names. What, if any bills will be cleared? Will this affect my wife? Will I lose my house and truck if I do declare bankruptcy?

A secured creditor (mortgage and bank loan) are not affected by a bankruptcy. They will have to be paid if you want to keep the asset. Most unsecured creditors debts will be discharged when you get out of bankruptcy.

If you decide to file bankruptcy, your wife will still be responsible for any debt that is also hers. She may also want to look at her options.

With respect to your assets, each province has its own property exemptions. You will need to check these out with a Trustee to determine whether you can keep the assets you have.

To obtain a free assessment 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 assessment to our office, please call or email me using the information below.

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