Comments on: Job loss and Bankruptcy http://www.bankruptcy-canada.ca/bankruptcy/2008/06/job-loss-and-bankruptcy.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Ted Michalos, CA trustee http://www.bankruptcy-canada.ca/bankruptcy/2008/06/job-loss-and-bankruptcy.html#comment-43370 Ted Michalos, CA trustee Mon, 30 Jun 2008 11:56:10 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2008/06/job-loss-and-bankruptcy.html#comment-43370 Unfortunately, you do not have the option of changing your midn regarding your hosue (or any other secured debt). If you decide to continue to make payments towards a secured debt at the outset of your bankruptcy them you effectively exclude the debt from the procedure. Later, if you default on the secured loan the lender may sue you or take any other action to legally collect the debt. If you decide to keep the house (and that's a reasonable thing to want to do) then you need to make it a priority. If you have to sell it later and there's a shortfall you will be held responsible for the debt. Good luck sorting things out. Unfortunately, you do not have the option of changing your midn regarding your hosue (or any other secured debt). If you decide to continue to make payments towards a secured debt at the outset of your bankruptcy them you effectively exclude the debt from the procedure. Later, if you default on the secured loan the lender may sue you or take any other action to legally collect the debt.

If you decide to keep the house (and that’s a reasonable thing to want to do) then you need to make it a priority. If you have to sell it later and there’s a shortfall you will be held responsible for the debt.

Good luck sorting things out.

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