Personal Residence in Bankruptcy and CRA
September 28th, 2006 by Questions
We are considering filing, have had an initial meeting with a trustee but are more confused now than before. We have 50,000.00 in unsecured debt (Credit Cards). We owe CRA approximately 33,000.00. A private mtge of 85,000.00. Property was purchased for 100,000.00 a year ago and tax bill assessment is 81,000.00. A company assessed it at 96,000.00 when we bought. Trustee says there is no value in property. Other assets are minimal, (vehicles, personal household, RRSPs are all worth less than 6,000.00 total and according to trustee are of no interest to them.
Recently CRA registered a Certificate in Federal court for 15,000.00 of the amount owed. Is this registered against our property? Can they force a sale? Can we file and keep our house?