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Alger Bankruptcy Services

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Edmonton, Calgary bankruptcy Q&A forum



Wayne Beaton



My wife and I co-signed for apartment condos for our daughters (2 units) about 5-6 years ago when the market was very hot. Today the units are worth less than the mortgage amounts. Both daughters have seen moved on (married) and we are still servicing the debt as they are CMHC insured properties. I have to go bankrupt as I have judgments and also owe CRA in excess of $100K (estimated - waiting for taxes to be finalized). My question - if my wife has shown that we can service the debt, will we be able to maintain the properties in bankruptcy (mine only), to save the credit of our children?



Alger & Associates Inc.



May 05, 2013



Wayne If the 2 units have no equity as you have indicated, the Trustee will have no interest in the properties. Providing the mortgages are serviced the lenders will not take action and the credit rating of your wife and that of your children should not be adversely affected. Please contact me to discuss your personal situation at 403 909 9572. Thanks for the question.

Marie Kozlowski
T 403-296-3082


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