.gif){kind=spacer}
Answer: The answer depends on the value of your houses, and the amount owing on the mortgages. If you are unable to find buyers for the properties, it is possible that there is minimal equity, and therefore you may be able to keep them if you file bankruptcy.
However, it may also be prudent, if the properties are worth less than the mortgaged value, to surrender the properties to the mortgage holder, which may mean the mortgage holder pursues you and your wife for any resulting shortfall. It may then be necessary for you and your spouse to file bankruptcy.
It is impossible to fully advise you without knowing the exact specifics of your properties. We suggest that you get an appraisal for both properties, and a print out from the bank showing the amount owing on the mortgages, and then book a no charge initial consultation with a Calgary bankruptcy trustee.
Labels: bankruptcy Calgary, bankruptcy trustee
Posted on Thursday, January 15, 2009
posted by Questions @ 3:10 PM
0 Comments:
Post a Comment
<< Calgary Alberta Personal Bankruptcy Blog