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| Author: |
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Shmooloo |
| Date: |
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January 13, 2003 |
| Question: |
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My husband and I are considering bankruptcy. We have 20,000 in credit card debt, a car loan, a first and second mortgage. 2 of our credit cards have gone into collections, and a notice was sent to us from a barristor/solicitor. My question is, if we declare joint bankruptcy, can CIBC refuse a renewal on my house? We bought our house in 2000, and do not have $40,000 equity in it. Will I lose my house?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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January 14, 2003 |
| Answer: |
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If you have less than $40,000 equity in a house in Alberta you can keep it in a bankruptcy if you keep the mortgage payments up to date. Only rarely does a mortgage company not renew a mortgage when it comes up for renewal.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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