Housing worries.
Hello, I have a few questions to ask. First off, I am a widower receiving roughly 700.00 a month, I am unemployed but do odd jobs for cash. I have a mortgage on a house before all the downfalls happened and the debt is quickly piling up from the four credit cards.
Now here is the question, I would like to sign the house over to my son who will be making full payments to the house mortgage. The last thing I want to do is file for bankruptcy but I was wondering what would happen to the house, will it be taken away or since I signed t over, will it be exempted?
Thank you in advance.
Posted from: Alberta
For such a specific question you need to meet with a local trustee. The answer will depend largely on what the value of the property is and how much is currently owing on the property.