December 6th, 2011 by Questions
what happens to my morgage if i claim bankruptcy, its with my common law?
Posted from: Alberta
December 06, 2011 at 1:17 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
That will depend on what is happening with the house and the amount of equity in the house. But in most cases the mortgage and the property stay intact, you continue to make your mortgage payments and the bankruptcy doesn’t impact anything.
The only time this changes is if you have greater than $40,000 of equity in the property, or if your property is going to be foreclosed. If either of those applies to you your best to speak directly with a local trustee.
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