Bankruptcy Canada - Fees to Trustee
Bankruptcy Canada Questions & Answers
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Anonymous |
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May 30, 2010 |
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We have been trying to sell our house for some time. My wife lost our job. We are considering allowing the house to foreclose. We were told the bank will go after us for any amount owing unless we declare bankruptcy. Should we allow the foreclosure first and then file for bankruptcy, or do both at once?
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From: |
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Karen
Alger & Associates Inc. - Alberta Bankruptcy Trustee |
Date: |
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May 31, 2010 |
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If you are currently in arrears on your mortgage that is the main criteria for filing the bankruptcy. I assume it is an insured mortage - meaning you likely put less than 25% as a downpayment and CMHC insured the mortgage. If so then bankruptcy is generally required as the deficiences on foreclosures can be quite substantial.
Karen Rideout
phone: (403) 296-2973
Alberta Bankruptcy
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