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Property seizure ?

I have about $30.000 in CC debts at two banks. I’m thinking about bankruptcy but not yet sure. I’m not in Canada right now and things seem to be very complicated.

I have a house in another country but there’s a mortgage on it actually bigger that the market value of the hause.

My question is: if I file for bankruptcy will the creditors be trying to seize the forign property ?

Posted from: British Columbia

One Response to “Property seizure ?”

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

If you file for bankruptcy in Canada your trustee must look at all assets you own, whether they are in Canada or elsewhere. As there is no exemption provided for property owned abroad then any equity in this foreign property is considered a non-exempt asset that must be realized on as part of the bankruptcy. However, if there is no equity in the property, there is nothing worth seizing. So as long as you can prove that there is more owing than the house is worth, then you should be OK.