| Author: |
|
Marina |
| Date: |
|
May 13, 2002 |
| Question: |
|
Hi, I was inquiring about personal bankruptcy. My ex-husband claimed bankruptcy and left me with all the debt. My question is, my home is the collateral on a consolidation loan wich is a secured debt. If I claim bankruptcy, can the bank take my home? I just want to claim on the loan not anything else. I have excellant credit and I do not want to claim on my
credit cards. What would be the way to go with this problem? Any advice is
greatly appreciated. Also I am a single mom of two, one of which is dissabled and I am unable to work due to caring for my son at home.
|
| |
|
|
 |
From: |
|
Ann Clarke, Collins Barrow Limited |
| Date: |
|
May 13, 2002 |
| Answer: |
|
If you claim bankruptcy, the consolidation loan secured by your home must
continue to be paid otherwise the bank will foreclose. Bankruptcy does not
stop secured debt unless you surrender the security. Also, if you make an
assignment into bankruptcy all debts must be disclosed - you cannot pick and
choose which debts to include or exclude.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
|
|