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Alger Bankruptcy Services

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Alberta bankruptcy Q&A forum



Jackie Hickson



1) do I lose my condo (mortgage $100K) 2) do I lose my vehicle (own) 3) credit card/line of credit debt $75K 4) business debt $20K Divorced, single income - self employed business owner, personal/private butler - monthly income $2500 Can't make monthly payments - have not been late with payments yet, however using my CC to pay living expenses - which is increasing my debt monthly. Not certain consolidation would work but I am open to discussing. Thank you for your thoughts Jackie



Alger & Associates Inc.



Aug 03, 2013



Jackie I assume your queries relate to what happens if you make a bankruptcy assignment and I will answer the questions from that perspective: 1 A mortgage is a form of secured debt, you must continue your mortgage payments if you wish to avoid the mortgage holder commencing a foreclosure. In a bankruptcy scenario, equity in your Condo to a maximum of $40,000 is exempt, i.e. the Trustee will have no interest in your Condo if the equity is below $40,000. If there is more than $40,000 equity you must pay that excess into the bankruptcy, usually by refinancing. Arranging an appraisal or realtor evaluation would be a good idea. 2 Equity in a vehicle up to $5,000 is exempt, if your vehicle is worth more than $5,000 you will need to pay the surplus equity to the Trustee. Again arranging an appraisal is a good idea. 3 If your line of credit is unsecured it is discharged by bankruptcy. The same applies to your credit card debt. 4 Business debt is included in bankruptcy and is discharged assuming you are personally liable for the debt or have personally guaranteed the debt. Bankruptcy is not the only option available, you may wish to consider a Consumer Proposal which is usually a partial debt repayment option. Please call me to discuss your options at your convenience. Thanks for the question.

Marie Kozlowski
T 403-296-3082


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