FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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loss of personal assests

i am self employed, but have incurred huge dept against personal assests such as my house and cabin along with a very large credit card dept. the cabin is jointly owned with another family member. the cabin is coming up for mortgage renewal and im afraid with my current financial position the bank may not renew my morgage and we will be forced to sell. If i claim bankruptcy what will happen to the cabin and my house.

Posted from: Manitoba

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One Response to “loss of personal assests”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you claim bankruptcy what will happen to your cabin and your house depends on the amount of equity in the properties and the exemptions available in your province.

The cabin is an easier example, in bankruptcy your share of the equity would have to be realized on for the general benefit of your unsecured creditors, so either your family member would have to buy you out or the cabin would have to be sold.

The house is a slightly different story as in Manitoba you are able to have a small amount of equity protected (up to $2,500, or $1,500 if you are a co-owner), anything above that has to be realized on for the benefit of your creditors.

In this situation I always suggest that you discuss these implications with a local trustee and they will be able to walk you through exactly how your properties would be treated.