Question: I’ve owned my current home for 5 years and I am still owing on a car. If I do claim bankruptcy because I cannot keep up with all my credit card and line of credit debt, how will this affect my home and car? Will I lose my car? Whatever I’ve put into the house, will I lose that too?
Answer: The answer depends on the value of the home or car, and the amount owing on the mortgage or car loan. Your trustee will request that you obtain appraisals for your house and car, and confirmation from the lender of the balance owing, and then they will be able to advise you on whether or not your house or car will be impacted by bankruptcy.
Here is an article that provides more detail on What Happens to my House After Filing for Bankruptcy?
For a review of your specific situation, please contact a Winnipeg Manitoba bankruptcy trustee.
