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| Author: |
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Tom |
| Date: |
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September 16, 2003 |
| Question: |
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For bankrupty, is the $40,000 equity limit per person or per couple?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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September 16, 2003 |
| Answer: |
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$40,000 is the maximum exemption that can be claimed for a personal residence in Alberta, regardless of how many owners there are. If the house equity exceeds $40,000 the Trustee must recover from a bankrupt his or her share of the non-exempt equity.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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