Personal Bankruptcy Forum

Author:   Reese
Date:   September 28, 2002
Question:  

I currently have a small business that is not doing very well. I can manage to pay off all my creditors and my credit card debt if I liquidate all my business inventory, however I will still be responsible for the lease. If I declare bankruptcy can they take my house? I currently have 70k owing on it, and 100,000 in equity, but I also have 5 children to support. And are there any other options other than bankruptcy?

 


From:		  

Ann Clarke, Collins Barrow Limited
Date:   September 30, 2002
Answer:   In Alberta you are allowed to claim a $40,000 exemption for a personal residence. Your equity over that amount must be recovered by the Trustee for the creditors. A proposal (settlement with creditors) may be a good option for you and I'd suggest you talk to a Trustee about one. Collins Barrow Limited and most Trustees offer a free initial consultation. Our number in Alberta is 310-8888 or check your yellow pages under "bankruptcy."

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca




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