I own a house with my common-law partner, valued at $330,000 with a $220,000 mortgage, and a boat valued at $60,000 with a $70,000 mortgage. Both of us have signed the mortgages. My common-law partner is experiencing significant difficulties with her business. If she files for personal bankruptcy, will the house and boat be seized and sold? How can I respond?
The boat doesn't appear to have excess value. If that's the case, you can continue the mortgage payments even after your spouse's bankruptcy. Regarding the house, you'll need to reach an agreement with the trustee for the buyout of your spouse's share. Your status as a co-owner puts you in a favorable position to do so.
You can ask these questions at your first meeting with the trustee.
You can ask these questions at your first meeting with the trustee.
Questions reliées
- 1. Can I file a consumer proposal or a joint bankruptcy (I'm getting different answers depending on the trustee I consult)? 2. Does personal bankruptcy or a proposal affect someone who is a member of a professional order? 3. I would like to know if I can be released from my student line of credit by filing for bankruptcy or a proposal, even if I have a co-signer for this loan. 4. Regarding personal belongings, I saw that there is a form to fill out to declare all our possessions, such as cameras, computers, and sports equipment, so that we can keep them while paying compensation to the trustee. I would like to know how this works and what the compensation is like (very expensive?).
- A debt collection agency contacted me at work today demanding payment of my credit card ($800). They wouldn't make any payment arrangements other than full payment or they'll garnish my wages. I have some other debts from a former cable company ($300), and my current accounts aren't entirely up to date. I don't earn a high salary and I don't have much credit, so debt consolidation would almost certainly be denied. Should I file for personal bankruptcy? The rather unpleasant man who contacted me today said that with wage garnishment, I'd probably have to pay back $1400-$1500 in total on an $800 debt. Furthermore, if my wages are garnished, I won't be able to pay my rent, my bus pass to get to work, and my other bills will likely go into collection as well. How can I pay a bankruptcy trustee if I don't have any money?
- Are household appliances subject to seizure?
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