| Author: |
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Jerri-Lyn |
| Date: |
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November 17, 2002 |
| Question: |
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My ex-boyfriend and I are on title to a home together. He is going to buy out my portion of the equity (less than $5000) which doesn't even begin to make a dent in my debt. Will my filing bankruptcy be affected if it shows I was recently taken off of title?
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From: |
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Shane Brenneis, Collins Barrow Limited |
| Date: |
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November 19, 2002 |
| Answer: |
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In Alberta, you are allowed equity in your personal residence of $40,000 per property or $20,000 for each you and your boyfriend if you are living in the property at the time you file bankruptcy. If you have already sold your share, you have 60 days to purchase a new property in order to retain your exemption. The monies also can not be intermingled with your other funds. If you don't purchase a new property, the funds would flow to your Trustee for the benefit of all your creditors.
Shane Brenneis
phone: (403) 296-2975
sbrenneis@moneyhelp.ca
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