| Author: |
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Sheila |
| Date: |
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June 18, 2001 |
| Question: |
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I had 2 heart attacks, I live in Ontario, I'm on CPP disability $496.00 a month. I have credit card debt of $15,000. I was using one to pay another and to live, now its over my head. I'm part owner in a house, roommates only, getting taken to court on 1 card. At present, I don't know what to do. I called 2 cards and they will not hold s.charges on account or lower mpayments. If I declare bankrupcy what happens to the house. My kids have been helping out but they have their own bills. Please advise me. Can I transfer over my part of the house to my son, who has lent me so much money I'll never be able to repay?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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June 19, 2001 |
| Answer: |
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We are bankruptcy Trustees in Alberta and cannot advise you about the
assets you can keep in Ontario. I can tell you, however, that if you
transfer your home into your son's name and then file for bankruptcy,
the Trustee will overturn that transaction (as if it never happened.) I
would suggest you call a Trustee in Ontario and discuss your situation
with him or her. You can find one by looking under "Bankruptcy" in the
yellow pages, and most Trustees offer a free consultation.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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