Mortgage
My home is valued at $137,000 and there is still $97,000 owing. It states in the information I have found that a person in Saskatchewan can retain up to $30,000+ of their home. There is currently a lean against the home for my property taxes of $5000. So I have two questions.
1. What does the exemption refer to? The equity in the home or the total value of the home?
2. I have never missed a payment on my mortgage and I am really hoping to keep my home, but in claiming bankruptcy with a co-signer on the mortgage….will the co-signer in any way be negatively affected by the bankruptcy?
You have identified two important issues:
1. The exemption refers to the equity in the home (i.e. total value – existing mortgage)
2. As long as you continue to make your payments as required there should be no impact on the cosigner.