Seizure of principal residence
September 14th, 2005 by Questions
My common-law husband is thinking of declaring bankruptcy, but is afraid that the bank can seize our home. The mortgage is in both our names, as is the house. We have $15 000 of equity in the house (a new mortgage issued in March). We also owe this same bank $40 000 in debt. What are our rights and what are the creditor’s rights? Can they force us to sell our home?