Bankruptcy Question & Answer Forum - Canada

Author:		Robert
Date:		July 29, 2005
Question:		Hi, with my common law partner I jointly own approximately 70 acres of bushland that is not farmed and has house on it that we live in as our primary residence. The property is worth around 150,000 and has a mortgage of 120,000 on it. The local municipal bylaws prevent the property from being subdivided. I am concerned that if I file for bankruptcy that the 70 acres won't be included as part of the primary residence exemptions? Could you please comment on this? Thank you very much.
From:		Bruce, Alger & Associates Inc.
Date:		July 29, 2005
Answer:		If your home and land is in Alberta, you are under the exemption limit of $40,000 and should get to keep it. Bruce Alger phone: (403) 296-2970 balger@alger.ca