Question: I am currently separated and our divorce should go through any time. We still own a house together. He lives in it with our sons and I live in an apartment. There is no equity in the house since there is a large mortgage and with the drop in house prices. We recently had a real estate agent tell us the value.
I am considering bankruptcy. I have old debts that I just can’t seem to keep on top of.
Will we lose the house?
I also absolutely need a car to get to my job due to the location. I have a leased car. Will bankruptcy effect my lease? I have not missed a payment on my car.
Thank you
Answer: If you file bankruptcy in Scarborough, or in fact if you file personal bankruptcy in Canada, you are permitted to keep your leased car, provided you continue to make your lease payments.
You can also keep your house, provided you continue to make the payments on your mortgage.
A bankruptcy trustee can provide you with more information.
