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Alger Bankruptcy Services


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Alger & Associates personal bankruptcy services are
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Edmonton, Calgary bankruptcy Q&A forum

Author:

 

Helen

Question:

 

Hello, My husband and I have split up and prior to splitting we were having a ton of financial issues and he had a meeting with a trustee and was told to stop paying everything and once the collection agencies start calling then file for bankruptcy. We stopped paying on cards and LOC's and have split up. The collections agencies are calling and have been for some time now. I have a lot more in debt than my ex, problem is we own a house that is currently being rented by one of the oil companies here in town and can't sell it. There's 1 yr left on the lease. I need to get the collection agencies off my back, and before they start calling my employer or garnishing. If I file and my ex doesn't how does this affect the house that we are both on title and is rented out right now? Thank you!



From:

 

Alger & Associates Inc.

Date:

 

Jul 04, 2013

Answer:

 

Helen, If you make an assignment in bankruptcy, your interest in the equity in the revenue property vests with your bankruptcy Trustee. The Trustee will wish to liquidate the property however that may have to wait until the lease expires. Your liability for the mortgage and lease would be dealt with in your banmkruptcy. Thanks for the question, please contact me directly to discuss your situation in more detail. Marie Kozlowski

Marie Kozlowski
T 403-296-3082
Marie.Kozlowski@ca.gt.com

 

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