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| Author: |
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Kelly |
| Date: |
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July 31, 2003 |
| Question: |
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I own an apartment with my father, 50/50 and he is thinking about claiming bankruptcy, will this affect my half of the apartment, will I loose my money, or does the bank sell the property, give me my share and take his share as part of his assets? Please let me know. Thank you.
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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August 1, 2003 |
| Answer: |
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If you and your father live in the apartment then he is allowed to claim an Alberta exemption of up to $20,000 for his half. If he doesn't live in the apartment then the Trustee must recover your father's half of the asset.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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