Help – Borrowing Money, to make other payments.

February 25th, 2009 by Questions

I am thinking about claiming bankruptcy as I am finding myself having to borrow money from my current employer to pay my mortgage and car payment.

My question is, I have never missed a payment on either my mortgage or car payment…but as the days go on I am getting into more debt with my employer, would my mortgage and vehicle be included in the bankruptcy?

Posted from: Alberta

Questions

One Response to “Help – Borrowing Money, to make other payments.”



, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

A bankruptcy really only impacts your unsecured creditors. So a car loan and a mortgage are not affected. However, there is an exception to this rule, if the property is either seized or returned to the lender, then the shortfall would be cleared by the filing of a bankruptcy.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)