Bankruptcy Services of Collins Barrow Limited - for Calgary and Edmonton, Alberta

Author:		Lori
Date:		September 16, 2000
Question:		My husband and I have seperated and are consider filing bankruptcy. We have a mortage, a second mortage and a home equity loan, along with a credit conseling account for all our credit cards. We own two older cars and are leasing a current car. Can we keep our home and our car and still file bankruptcy on our second mortage and home equity? Can you give any other suggestions?


From:		Shane Brenneis, Collins Barrow Limited
Date:		October 2, 2000
Answer:		A secured creditor such as your second mortgage is not affected by a bankruptcy and still must be paid if you want to keep your home. If your home equity loan is secured then it is the same with this loan. Most provinces have a home exemption (Alberta is $40,000) and if your equity is less than the $40,000 you can keep the home if your payments are made. Also, Alberta has a $5,000 vehicle exemption. To obtain a free assessment of your complete financial situation or if you have any further questions, please contact me using the information below. We also have offices in Edmonton (780.414.1133) and Red Deer (403.350.2266) or call us on our toll free number (310-8888). If you do not live in Alberta you can contact a Trustee in your area by looking in the yellow pages under "Bankruptcy". Shane Brenneis phone: (403) 298-1575 sbrenneis@collinsbarrow.com