Personal Bankruptcy Forum


Author:   Sentious
Date:   November 18, 2002
Question:  

My dad bought a buisness in (1999). He had the Buisness for 6 months. He borrowed a loan from bank (200,000), he then lost (200,000) due to bankrupcy. The reason why he claimed bankrupcy: Previous owner gave false satements saying buisness was making money, but wasn't. He claimed bankrupcy because the business wasn't what it seemed. He wants to buy a home. What can we do now? How much will the interest rate be? He is willing to pay down 50,000 on home. Willing to spend on home 200,000 and up.

 


From:		  

Shane Brenneis, Collins Barrow Limited
Date:   November 18, 2002
Answer:   Your father should talk to a bank about his options. The bank will look at when he filed bankruptcy, the down payment as well as the total price of the property. If he is buying in Alberta, he can also assume a mortgage from a current home owner and would not have to qualify for a mortgage. He could talk to a realtor about finding this type of property.

Shane Brenneis
phone: (403) 296-2975
sbrenneis@moneyhelp.ca




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