2025-06-30
Who Can File For Bankruptcy
Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
2010-09-22
Based on your question, I am assuming that you have a mortgage on your home. In Alberta, if you are current or catch up on your mortgage, the lender can not foreclose on your home or stops the foreclosure. If you are behind on the mortgage, it is only the lender who can vary any terms. Legal counsel may be able to help you stall the foreclosure while you work on a plan to catch up or find new financing. Even a bankruptcy will not stop a foreclosure. A lender with a mortgage is called a secured creditor. Secured creditors have the right to realize on their security, even in a bankruptcy, if you are in default on the payments or any other terms of the mortgage. What you need to be careful of it whether or not this is an insured mortgage. (EG: CMHC, Genworth, AIG) If something ever does happen to the home, the lender will get paid from the insurer. The insurer can they pursue you for the shortfall. If it is not an insured mortgage, the lender can not sue you for the shortfall. They can only take the property. Another question would be....is it my other debt that is causing me troubles? If I could deal with that debt, would it free up enough money to stay current with my mortgage? Before the mortgage gets into trouble, or too far into trouble, I would recommend that you talk with one of our counsellors or Trustees about the specifics of your situation. Let's see if there are any options out there that would help you before the mortgage goes into arrears.
2025-06-30
Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
2025-04-11
Bankruptcy
Considering Bankruptcy and wondering who could find out? Rest assured; your information will stay mostly confidential.