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| Author: |
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Confused |
| Date: |
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September 8, 2003 |
| Question: |
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My husband and I are co-owners of a house with 53,000 in equity. I will soon be unemployed with no income. Will we have to sell our house as it is over the 40,000 limit?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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September 8, 2003 |
| Answer: |
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If you file for bankruptcy in Alberta, the Trustee will be required to obtain from you the net equity over $40,000. If you are able to pay that non-exempt equity within a reasonable period of time you would not need to sell the house.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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