I have a line of credit loan that has a co-signer attached to it. Would it be possibile for me to include that loan if I were to claim personal bankruptcy? I also own a house. Will I lose the house in such a claim, and if so are there any ways around it? Also, I have a leased vechile which is essential to my work. Will I lose that? I would appreciate any information you can provide for me regarding this issue. Is there any cost to and if so what exactly is the cost?

Thank you so much for taking the time to answer my questions.

You must include the co-signed line of credit as a debt in a bankruptcy, however, the bank will look to the co-signor for the balance owing. In Alberta you can usually keep your house and leased car as long as you keep paying on them. The Trustee will confirm that information at the first meeting, which is free at Collins Barrow. The cost of the bankruptcy will depend on your income and assets and will also be discussed with you before you make the decision to file.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca