Personal Bankruptcy Forum

Author:   Anonymous
Date:   September 27, 2000
Question:   Can I keep my summer cottage if I go bankrupt? There is no mortgage on it and it is only worth $13,000.00, but I owe about $120,000.00
 


From:
 

Shane Brenneis, Collins Barrow Limited
Date:   October 2, 2000
Answer:  

Some provinces have an exemption for a personal residence (Alberta's is $40,000). However, you have to be resident in the home in order for it to be exempt.

To obtain a free assessment of your complete financial situation or if you have any further questions, please contact me using the information below.

We also have offices in Edmonton (780.414.1133) and Red Deer (403.350.2266) or call us on our toll free number (310-8888). If you do not live in Alberta you can contact a Trustee in your area by looking in the yellow pages under "Bankruptcy".

Shane Brenneis
phone: (403) 298-1575
sbrenneis@collinsbarrow.com




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