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Principle residence

 
 

Posted on Wednesday, December 06, 2006


I have recently been struggling with a long divorce, loss of a job and resulting depression. I do not have any assets except a 1/2 share of an apartment in Germany worth about CAN $30.000 (my ex-wife owns the other 1/2). I live in Alberta right now, although after filing for bankruptcy I plan on returning to Germany and living in the apartment. I understand that in Alberta you are allowed an exemption of up to $40,000 for a principle residence. Would that exemption apply to my situation? Thank you

1 Comments:

  • At 1:12 PM, Blogger Barton Goth, GCO Inc. Bankruptcy Trustees said…

    To be eligible for the principle residence exemption is only available if you are currently living in the property. As you currently do not, you would not qualify for this exemption.  

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