| Author: |
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Celia |
| Date: |
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January 4, 2000 |
| Question: |
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My husband and I are considering filing for joint
bankruptcy. Our house has been assessed at $139,500 by the City for tax
purposes. Our morgage is $95,000. Making the equity in the home $44,500.
I understand that in Alberta the exemption is $40,000. Will this mean we
would lose our home?
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From: |
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Shane Brenneis, Collins Barrow Limited |
| Date: |
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January 24, 2000 |
| Answer: |
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No, your house would not be taken from you if the equity is over
$40,000. However, an arrangement may have to be made to pay to the Trustee a
portion of the excess equity over time. To get a better idea of what would have
to happen you should attend an assessment of your financial situation.
To obtain a free assessment of your financial concerns, you should
contact aTrustee in your area by looking in the yellow pages under "Bankruptcy".
If you have any further questions or want to come in for a free assessment
to our office, please call or email me using the information below.
Shane Brenneis
phone: (403) 298-1575
sbrenneis@collinsbarrow.com
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