| Author: |
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Debbie |
| Date: |
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January 18 , 2002 |
| Question: |
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I have a house that is worth about 300,000 and I owe 156,000 on it. Would I have to sell it? Also, if you offer a payment to a creditor and they refuse it is your bill with them paid?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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January 19, 2002 |
| Answer: |
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In Alberta, you are allowed to claim a $40,000 equity exemption in a
personal residence. Based on your information there is $144,000 equity,
therefore, approximately $104,000 that would need to be recovered for
the bankruptcy estate. Selling or mortgaging the house may be necessary.
If you offer a payment to a creditor and they do not accept it, the debt
is still valid and the creditor can still take steps to collect it.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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