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| Author: |
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Garry |
| Date: |
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May 20, 2003 |
| Question: |
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I own a house with a large mortgage still owing on it. I also have a car which I own. I have a 15,000 visa loan and my wife has a 2,500 visa loan, plus we have a 28,000 dollar bank loan which we both had signed for. If we claim bankruptcy, do we keep our car and our home? (the home is mortgaged through the same bank, but the car was not used as collateral for any loans.) I am on Canada disability pension; is this affected also, or can they not touch my pension?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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May 21, 2003 |
| Answer: |
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In Alberta you are allowed a $40,000 exemption for a personal residence and $5,000 for a vehicle.
As long as you keep paying the mortgage and the value is below the exemption, you shouldn't have to sell the house. Your disability pension should not be affected.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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