I have just lost my job and own 2 homes with mortgages. I can manage the mortgage payments on the house I live in. I cannot manage to keep making the second mortgage payment, which is currently paid to date. I have had the second house on the market for over a year, reduced the price twice, and still hasn\’t sold. The mortgage comes up for renewal in May 2012, and due to no income will certainly not be renewed. What will the bank do? How should we deal with this? Could they come after the home where I live, which is mortgaged by a different bank? HELP! My current credit rating is excellent.
Free Information About Bankruptcy in Ottawa Ontario
Archive for the ‘bankruptcy’ Category
Lost Job & Income – 2 mortgages
I have just lost my job and own 2 homes with mortgages. I can manage the mortgage payments on the house I live in. I cannot manage to keep making the second mortgage payment, which is currently paid to date. I have had the second house on the market for over a year, reduced the price twice, and still hasn\’t sold. The mortgage comes up for renewal in May 2012, and due to no income will certainly not be renewed. What will the bank do? How should we deal with this? Could they come after the home where I live, which is mortgaged by a different bank? HELP! My current credit rating is excellent.
Lost Job & Income – 2 mortgages
I have just lost my job and own 2 homes with mortgages. I can manage the mortgage payments on the house I live in. I cannot manage to keep making the second mortgage payment, which is currently paid to date. I have had the second house on the market for over a year, reduced the price twice, and still hasn\’t sold. The mortgage comes up for renewal in May 2012, and due to no income will certainly not be renewed. What will the bank do? How should we deal with this? Could they come after the home where I live, which is mortgaged by a different bank? HELP! My current credit rating is excellent.
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Bankruptcy Information
My ex common law spouse has 2 loans for a van and fifth wheel trailer which I co-signed on. He is filing personal bankruptcy in the new year. I am getting a pension which I am paying my living expenses with. If he doesn\’t pay for these debts, can the bank go into my bank account and take money from my pension? If they do, I won\’t be able to pay my rent, food, hydro, etc. Please let me know regarding this matter.
Can creditors take assets from someone’s spouse when they go bankrupt?
Question: Someone in the family is considering filing personal bankruptcy. This family member is married and the house/property and car are in his wife’s name. After he files bankruptcy can the creditors still come and take things from the house even though it is signed under the wife’s name?
Also, what if this husband declares non-residence before or after filing personal bankruptcy? What will happen to his assets if they are in the house that is signed under the wife’s name, can they creditors still touch them?
Answer: Only the bankrupt’s assets are involved in the bankrupt’s bankruptcy. A spouse’s assets can’t be seized for the other spouse’s debts. The only exceptions would be if the non-bankrupt spouse has co-signed for the bankrupt spouse, or if the bankrupt had transferred assets to his spouse prior to filing bankruptcy. Your trustee can explain in more detail.
CRA Personal Tax Due
If someone were to receive a certificate of registration from the Canada Revenue Agency informing that they have registered a certificate in the federal court for the amount due. Would filing for bankruptcy protect the individual from this debt? Could assets be seized that are paid for by the spouse in debt, but that are in the name of the other spouse who does not hold the debt? Thank you.
Being on Social Assistance
I have been unemployed for the last 3 years due to illness. Within the last year or soI was not able to make full payment on my credit line (only partial) also not making the minimum on my visa. I have exhausted any savings and RRSP to live on while being unemployed. In the last year I was able to received assistance and I am working part time 2-3shifts/week due to my health. Working minimum wage and not the wage I was making in the medical field. Do I claim personal bankruptcy? and if so, how do I make payments to creditors and trustee on the limited amount that I am making?
Death and Bankruptcy in Ottawa
Question: My husband has passed away. He has business debts and credits cards and leases which I have not co-signed on.
His only assets are RRSP’s and a small life insurance policy of which I am the beneficiary.
Am I responsible for his debts as the executor of his estate?
Answer: No, you are not responsible for someone else’s debts, unless you have co-signed for them. As executor of his estate you will work with your lawyer to liquidate his assets and use those assets to pay his creditors; your lawyer can provide you with more information.
Pending Wedding to someone who is bankrupt
Question: I am engaged to someone who is filing bankruptcy. My credit is solid and I have no financial issues. Will my credit be negatively affected by marrying someone who has filed bankruptcy?
Answer: No, your credit is not affected by your spouse’s bankruptcy. However, in the future, your spouse will not be as good a co-signer for you if they had not gone bankruptcy.
For more information, please see this article on Does Filing for Bankruptcy in Canada Affect my Spouse?
