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

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Foreclosure &/or Bankruptcy

We bought a house that is going to foreclose because we cannot afford to pay for it and it is unliveable. We have racked up debt trying to take care of the problem on our own this past year and now can hardly afford to buy food so we have to stop our mortgage payments. We are currently living in my fathers house and he passed away last year and left the house to me, however we have not transferred title or sought probate yet as we cannot afford to. We are considering bankruptcy but I am afraid they will take my fathers house and force us to sell it, leaving us with nothing. Any advice on the matter would be greatly appreciated.

Posted from: Alberta

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One Response to “Foreclosure &/or Bankruptcy”

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

You are correct, if this house has been left to you and you file for bankruptcy, you will likely loose the inherited property. Now if you are living in the property then you can claim up to $40,000 of the equity as exempt, but if there is no mortgage on the premises then you would still likely lose anything over and above this $40,000. Unfortunately, waiting to have the tile transferred or the estate to go probate doesn’t change the fact that you have this beneficial interest. As a result you may find that you have to sell the house or potentially take a mortgage against the property and pay your debts.