Bankruptcy Question & Answer Forum - Canada

Author:		Felicia
Date:		June 30, 2005
Question:		We have a home in calgary that has a market value of 250,000. we owe 196,700.I understand we are allowed 40,000.Are we forced to sell if our equity is higher or do we turn over the amt over 40,ooo to the trustee if we sell?What if we dont sell what happens then?
From:		Bruce, Alger & Associates Inc.
Date:		July 4, 2005
Answer:		You could be forced to sell your home in an extreme circumstance if you did not pay out the non-exempt equity to the trustee. Typically you will be able to finance the payment with an increase in mortgage, second mortgage, private loan or payments over time. Bruce Alger phone: (403) 296-2970 balger@alger.ca