| Author: |
|
Todd |
| Date: |
|
May 9, 2002 |
| Question: |
|
I have $95,000 dollars in unsecured debt. All the debt is credit cards, and loans from TransCanada Credit and CitiFinancial, and TD line of
Credit. If I claim Bankruptcy, will the $95,000 unsecured debt be wiped out?
I have a $30,000 mortgage with the Royal Bank, with $1,000 equity, and I
have only owned it for two years. Will the Royal Bank let me keep the
trailer if I agree to make monthly payments as I always have. I also have a
car loan with the Royal Bank that I have 2 and a half years left owing. I
can afford to pay the car loan payments. Will the Royal Bank let me keep
paying the loan as agreed?
|
| |
|
|
 |
From: |
|
Ann Clarke, Collins Barrow Limited |
| Date: |
|
May 9, 2002 |
| Answer: |
|
Bankruptcy discharges unsecured debts that you have mentioned, although you
should check with TransCanada Credit and Citifinancial to see if they are
secured by any of your assets. If so, you must either give back the assets
or keep paying. Regarding the Royal Bank, you should ask them directly
whether they will let you keep your trailer and car. Royal Bank usually
seizes secured assets.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
|
|