Bankruptcy Question & Answer Forum - Canada

Author:		Olga
Date:		October 17, 2005
Question:		My sister lives in Nova Scotia and I live in Alberta. We are the co-owners of property (land and a mobile home) left to us when our father died. She has been fixing up the property to move in but hasn't yet. What will happen to this property if she declares bankruptcy? What can I do to prevent the property from being affected? Thanks.
From:		Bruce, Alger & Associates Inc.
Date:		October 19, 2005
Answer:		If your sister goes bankrupt, your 50% ownership of the property should be unaffected. My understanding is that there is no principal residence exemption in Nova Scotia, so her 50% might be for sale by a trustee. Don't be surprised if you get a call as you are the logical purchaser. Bruce Alger phone: (403) 296-2970 balger@alger.ca