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Alberta bankruptcy Q&A forum

Question:

 

Hi, My mom has a mortgage with a friend and now her friend says she's in too much debt to pay her share of the mortgage. Her friend is planning on claiming bankruptcy and my mom is considering the possibility now as well. The townhouse they own together has approximately $40000 in negative equity. My mom has no assets except for $5000 worth in GIC's. Her husband does own a car with both of their names on it but no other assets. My makes very little income, ~1500 a month. What happens if she claims bankruptcy? Are her wages garnished? Does she loose her $5000 GIC? And what happens to the mortgage?


From:

 

Grant Thornton Limited

Date:

 

Mar 22, 2016

Answer:

 

Hello, Your mom's wages won't be garnished if she files for bankruptcy or proposal. If your mom and her friend walks away from the mortgage and the bank forecloses then the negative equity can be included in a bankruptcy or proposal. GICs are not exempt or protected in a bankruptcy but perhaps can set up a payment arrangement. Please do not hesitate to contact our office for a no charge consultation to discuss financial options and to review your financial circumstance.

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

 

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