What happens to my house

Posted on Friday, April 4, 2008

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I am having financial problems and think I need to file a bankruptcy. I owe roughly $40,000 in credit card debt and bank loans. I can barely make the minimum payments and don`t see any other option. If I have to file for bankruptcy will I loose my home?

Filed under: Bankruptcy
 posted by Questions @ 3:19 pm
1 Expert Comment:

 At April 7, 2008 | 6:29 am , Barton Goth GCO Bankruptcy Trustees Said...

Normally most people who file for bankruptcy don’t loose their home. In the province of Albert you will find we have the most lenient of all the provincial exemptions laws so you are entitled to have up to $40,000 of equity in a principle residence. As long as you have less than this $40,000 you do not have to worry, and even if you have more there are some other avenues we can explore.

Probably the best thing you can do is come in and we can review the details surrounding your house and determine what the best course of action is.

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