My partner and I have a mortgage and a line of credit. We also own two cars and a motorcycle, all fully paid off. We're struggling to make ends meet because my partner hasn't worked regularly for the past two years, and we're on the verge of separating. I'd like to know the difference between a foreclosure and bankruptcy.
The creditor's repossession does not necessarily extinguish your debt.
If the sale of the asset does not pay the debt in full, you may be sued for the difference. Bankruptcy extinguishes debts.
If the sale of the asset does not pay the debt in full, you may be sued for the difference. Bankruptcy extinguishes debts.
Questions reliées
- Can my bankruptcy be denied? If so, why?
- I moved to the Magdalen Islands and I would like to know if I can declare bankruptcy from here or if I must return to the region where I lived in the last year.
- I owe Emploi-Québec for overpayments. Would personal bankruptcy release me from this debt? It concerns social assistance benefits that were overpaid.
- I want to file for personal bankruptcy and I'm wondering how long it will take to be discharged afterwards if there are no objections from creditors?
- I would like to know how much the trustee's bill is? Is it calculated based on the amount of the bankruptcy or is it a fixed rate? Is it the same amount for a business bankruptcy as for a personal bankruptcy?