I owe about 60k. Most of it is credit card debt but I hae a few small loans as well and I now am in a spot where I cannot even afford to make the minimum payments.
If I filed for bankruptcy can these companies come after my home?
Can my creditors attack my house?
Posted on Tuesday, March 4, 2008
posted by Questions @ 3:47 pm
1 Expert Comment:
At March 6, 2008 |
2:50 pm
, Barton Goth GCO Bankruptcy Trustees Said...
This will depend on how much equity you have in the house. In the province of Alberta you are permitted to have up to $40,000 equity in a principle residence. If the equity in your house is equal to or less than this amount then your creditors are not able to attack the house, however if you have more than this $40,000 then they are able to.
In a bankruptcy or a proposal the creditors loose the ability to attack your property, but if you have greater than the $40,000 you will likely find that the trustee would have to realize on the non-exempt portion of this equity. For more informaiton on this you are best to contact a local trustee directly.
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