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Alger & Associates personal bankruptcy services are
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Alberta bankruptcy Q&A forum

Question:

 

Hi I currently have approximately $35,000 in credit card and line of credit debt. I'm having great difficulty making my payments and am seeking options including credit counselling or bankruptcy. The biggest worry I have is that I co-own and have mortgages 2 properties with my father, we have the mortgages together. If I filed for bankruptcy for my personal debt, would it affect the mortgages & properties I co-own with him?


From:

 

Grant Thornton Limited

Date:

 

Mar 04, 2016

Answer:

 

Hi Moe, In Bankruptcy, the value of the properties will be reviewed to determine if there are any non-protected equity that may be available for your creditors. The Creditors are not entitled to the full amount but your portion of the interest. If there are no equity available and you and your father are able to continue with the monthly obligations then you may keep them. If you have any additional questions please do not hesitate to contact our office at 310-8888.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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