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Alger Bankruptcy Services


Same team, new name

Alger & Associates personal bankruptcy services are
now provided by
Grant Thornton Alger Inc.

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Edmonton, Calgary bankruptcy Q&A forum

Author:

 

Darnell

Question:

 

I own a house that has gone down in value due to gutting basement from sewer back up in High River. I owe 288 on it and value is less. I also am 45,000 in debt, but expecting a payout from insurance for basement damage, maybe 50 to 60 grand. I also gambled and withdrew funds from my bank accounts in the last two years. If I go bankrupt, and then foreclose, what happens> Or if foreclose first, then bankruptcy?



From:

 

Alger & Associates Inc.

Date:

 

Sep 04, 2013

Answer:

 

Darnell The timing of a bankruptcy in the circumstances you have described may only be an issue if the mortgage is an insured mortgage. If your mortgage is a conventional mortgage and foreclosure occurs,the bank acquires the property and there is no judgment granted for any deficiency between the sales proceeds of the property and the mortgage balance. If the mortgage is insured and foreclosure occurs, any deficiency between sales proceeds and the mortgage balance will be paid to the bank by the insurer who will subsequently pursue you for this amount. Please be aware that any insurance proceeds may be payable to both yourself and your mortgage holder, i.e.your bank. Please conatct your insurer to check this out. If gambling has been an issue for you, now is the time to seek some help, contact AADAC and access the treatment programs. Please contact me to review the options available to resolve the financial difficulties you are encountering. I would be happy to help. Thanks for the question.

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

 

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