by tagakawit » Sun Jun 20, 2010 01:16:31 PM
There are so many pieces that are missing on your story.
For instance, is the 70K in your name only or are there any accounts that is/are joint with your wife? Since your wife is not filing bankruptcy, she should be prepared to pay any joint accounts on her own.
You seem pretty certain that you are filing for bankruptcy, question is, have you already contacted a Trustee and your Trustee had recommended that you file bankruptcy? It does takes a while to determine if you are insolvent or not. You will need to show proof that your Liabilities are more than your Asets to determine the insolvency.
If you file bankruptcy, your Trustee will dispose of your assets excluding any retirement accounts.
Actually, there are adifferent options to choose from such as Debt Management Program, Debt Consolidations. Have you also contacted Credit Counselling of Canada?
If you already have a Trustee, I suggest you talk to them very intently and see what your options are. Nowadays, you should not take bankruptcy very lightly as it will be a stigma for you for at least 7 years, even though you may be discharged after 21 months.
Finally, if you do win any Lotto prize, Trustee can garnish your winnings to pay back your Creditors.
Sorry, but I find it unnerving to see your interest in getting a mortgage after filing bankruptcy. Do you just want to get rid of your debt the easy way to start and get into new debts? I don't see any lessons learn by doing this, unfortunately. Where's the act of being responsible there, Brother?
Anyhow, good luck to you and whatever decisions you choose, hope you recover and learn from it. By then, you become financially responsible.
TagaKawit