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Will we lose our house and 2 truck loans?

My husband is considering claiming personal bankruptcy due to some credit card debt. He was just served papers for one of the credit cards – they want to get a judgement against him. Will we lose our house and 2 truck loans if he does? Both the house and the trucks are in both of our names? Thanks

Posted from: Alberta

One Response to “Will we lose our house and 2 truck loans?”

Desmond West-Chow, CIRP said...

This is a good question and one that we come across quite often when individuals are assessing their options when faced being faced with difficult debt situations. Once the creditors obtain a judgement, they do have a variety of resolutions to consider including placing writs on homes and/or vehicles, as well as seizing bank accounts or even garnishing wages. To determine if this is something that may occur, I recommend you speak to a Trustee as soon as you can to avoid the risk of the bank getting to that position. A personal bankruptcy or consumer proposal would stop the credit card issuer from being able to take these actions, and a Trustee would be a very good person to speak to in order to evaluate the benefits and consequences of each option and allow you and your husband to make an informed decision for your future.