Bankruptcy Alberta: Bankruptcy Question

Posted on Sunday, June 07, 2009

My daughter and son-in-law separated June of 2008, she left him and he is living in their marital home, title in both names.
He is now saying that he is going to claim bankruptcy and vacate the home.

He makes approximately $80,000/year, they own the home which is valued at about $130,000 and has a mortgage of approximately $120,000, perhaps a little less. The only other payment he has other than utilities is a vehicle payment. He owns a truck free & clear. They have two children 5 & 6. His child support is approximately $700 per month, house payment approximately $950 and vehicle payment is probably around $500. Can he claim bankruptcy and how can my daughter protect herself i.e. the house. The only debt she has other than her utility payments is rent.

Labels: bankruptcy

1 Comments:

At 12:17 PM, Barton Goth, CIRP, Trustee in Bankruptcy said…

From the sounds of it he is eligible to file for bankruptcy. As per how your daughter can protect herself, if he is on title to the house she will likely have to re-purchase his share of the equity in her house from the trustee. Fortunately enough there is only a nominal amount so it shouldn't cause her to many difficulties.