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
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October 19, 2009 at 8:53 am, 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.