Bankruptcy Question & Answer Forum - Canada

Author:		Flo
Date:		November 9, 2005
Question:		My husband and myself have accumulated approximately $50,000 worth debt over the past 12 years of marriage. We have only about $20,000 invested in our house and are therfore considering claiming bankrupcy. Will we lose our house, will we lose our two (junky) cars and how long will this effect our lives?
From:		Bruce, Alger & Associates Inc.
Date:		November 10, 2005
Answer:		In Alberta up to $40,000 equity in your residence is exempt and would not be lost in bankruptcy. One vehicle per debtor to a value of $5000 is also exempt. Bruce Alger phone: (403) 296-2970 balger@alger.ca