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bankruptcy and mortgage: what is the legal action

Hi I need help me and my wife are in debt I have many loans and credit card and I have a house but I didn’t pay mortgage for almost four month and I don’t have equity in the house i just receive letter [statement of claim] from Ontario superior court it say that a legal proceeding has been commenced against me my question is if didn’t respond to this letter what kind of judgment they can take against me I’m not working now and about the house I’ll give it to the bank but I need to know what I is the legal action thanks for your help

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One Response to “bankruptcy and mortgage: what is the legal action”

A licensed trustee said...

The short answer is that if you don’t respond to the notice from the Court the plaintiff (person or company sueing you) will receive a Default Judgment against you. Once they have that they may apply to the Court for a Writ of Execution and thereby try to garnishee you or seize and sell assets.

To hear the long answer you really should contact a lawyer to find out exactly what rights and responsibilities you have. We are trustees in bankruptcy and therefore we cannot give you legal advice.