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Alger Bankruptcy Services


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Alger & Associates personal bankruptcy services are
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Grant Thornton Limited

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Bankruptcy Calgary Edmonton Q&A Forum

Author:

 

Question:

 

I am separated but living in the same house due to both our cash issues, the house has about 40k equity and cra has registered a lien against my half. If I walk away in a bankruptcy, how long before the house is sold or seized ? Obviously not what I want to happen, but if we can't sort ourselves out, I cannot pay for two homes and support my child, she refuses to leave or buy me out, cra obviously will not let me give her my share, that would be best in the long term family interest but???? She will not qualify for any mortgage due to very poor credit and no real income.


From:

 

Grant Thornton Limited

Date:

 

Jan 01, 2014

Answer:

 

It is unlkely CRA will seize the home and pursue a sale of the property if the equity is $40,000 or less. However if you cease to make mortgage payments the bank will commence foreclosure proceedings, at which time the mortgage will be paid from sales proceeds and your interest in the remaining sales proceeds will be directed to CRA. Please contact me to discuss your options in dealing with your CRA debt.

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

 

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