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Going Bankrupt

I am about to declare bankruptcy something that I do not want to do. But the wife thinks only solution.I have 50,000 equity in my house $45000 in debt after I file for bankruptcy how long will I be given to live in my house before I move out.I have contacted a trustee (well wife has)they say 3 months is this correct.Do to upcoming medical reasons we will not beable to pay our morgage for 6 months plus all our bills.Even thou we have never missed a morgage payment and has only been over last 4 months of late payments on our credit cards.I am a gambling addict in recovery this is what has got us in debt not to mention loosing all our liquid assets.We have tried to sell our house but market is slow.

Posted from: British Columbia

One Response to “Going Bankrupt”

A licensed trustee said...

If the trustee you are dealing with has told you that you have three months then you have three months. Have you considered lowering the price (I’m sure you have already, but at some point the house will sell) to see if you can sell it yourself before you file? It sounds like you might be able to get enough out of the house to offer your creditors partial repayment in a proposal, instead of filing for bankruptcy… I don’t want to second guess your strategy, but if you inform the mortage company of your plans to sell (and keep lowering the price until you do) they will likely let you stay in the house until it does sell. Then whatever equity you receive from the sale could be given to your creditors via a proposal to clear everything else up…