FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Donna

I have home with a $150K Secured line of credit and a 2nd mtg of $75K. I am on a LTD disability and I work only 3 days a week 4 hours per day at $10.00 per hour. I am finding it hard to meet my financial obligations and experiencing an increase in poor health which could result in having to leave my pt job.I could still collect my mo LTD payment but it is not enough to cover my monthly living expenses. I own a car paid off not worth much (2006)dented and dinged up. Is Personal Bankruptcy even an alternative or would I have to give up my home and my car thereby leaving me homeless and unable to make doctor appts etc. thankyou

Posted from: Alberta

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One Response to “Donna”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The filing of a bankruptcy in Alberta will not impact your home or your vehicle as long as the equity in these assets is less than allowed by the bankruptcy exemptions available in your province. In Alberta, you are permitted to have up to $40,000 equity in a principle residence and up to $5,000 in a vehicle. So if you are below these amounts then a bankruptcy won’t have any impact on these assets.
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