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| Author: |
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Michael |
| Date: |
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September 29, 2003 |
| Question: |
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I only have about $10,000 equity in my house. I'm thinking of moving from Edmonton to Red Deer. I would be selling my house if I moved. What would happen to the money I received from selling the house if I was in bankruptcy?
Thanks.
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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September 29, 2003 |
| Answer: |
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You are allowed to claim an exemption of up to $40,000 for a personal residence in bankruptcy. If you sell your house and receive $10,000 while bankrupt you should be allowed to keep it. I suggest you discuss this with your Trustee before you sell the house.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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