| Author: |
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Anonymous |
| Date: |
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November 25, 1998 |
| Question: |
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My wife and I own a hotel in which we also have a manages suite.
The hotel is registered under our company which is heading for bankrupcy.
Will a foreclosure by a bank or declaring the company bankrupt affect us
personally and if so how do we protect our personal assets as we can't afford
any other place to stay?
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From: |
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Bruce Alger, Partner - Collins Barrow Limited |
| Date: |
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November 25, 1998 |
| Answer: |
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It sounds to me like you might need to look for a new place to live.
If your residence is owned by a corporation, no exemption is available
for the residence.
Bruce Alger, C.A., CIP
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