personal bankruptcy

October 14th, 2009 by Questions

I am thinking of filing for bankruptcy. I only make $10 dollars an hour and I got credit cards to pay in which I am not only behind in my monthly payments but also I believe I won`t be able to repay them.

My problem is I own a house. Actually, my wife and daughter co-owned the house. Its mortgage is in its 3rd year. We bought the house in 2007. My question is if I file for bankruptcy, is there an effect to our house? I am scared the government or my trustee take the house from us.

We pay our mortgage on a monthly basis. Our mortgage company has no problem with us. We never were late in our monthly payments. And if I file for bankruptcy, how much I spend for legal fees (to the government and to my trustee)? I am scared I don`t have money enough to pay these fees.

Thank you.

Posted from: Alberta


One Response to “personal bankruptcy”

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

This will depend on two things;
a) whether or not your name is listed on title to the house; and
b) how much equity is in the house.

I would recommend contacting a local trustee and if you provide them with the answers to the two questions above they will easily be able to answer your question.

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.)