Hello,
I will be filing for bankruptcy very quickly, I just have no other choice.
My Total debt is roughly 110K, which include a 80k judgment. This is from a creditor who doesn`t have any collateral. To date I have been able to stay current with my secured creditors (1st and 2nd mortgage).
As I have looked at the house I think the equity is about 17,000. What happens with this in a bankruptcy?
At June 12, 2009 |
10:14 am
, Bart Goth, Trustee in Bankruptcy Said...
In Alberta you are permitted to have up to $40,000 equity in your principle residence. If you only have $17,000 this is considered to be an exempt asset and would not be lost if you file for bankruptcy.
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