I live on an acreage, will I have to give up my home if I declare bankruptcy – I can manange the payment if I have no other debt.
Bankruptcy Alberta: Free Information about Bankruptcy in Alberta
I live on an acreage, will I have to give up my home if I declare bankruptcy – I can manange the payment if I have no other debt.
In the province of Alberta you are able to have up to $40,000 equity in a principle residence. As long as you have less than $40,000 and are able to continue with your mortgage payments you won’t have any major issues.
However, if you have more than $40,000 there are a number of scenarios that may come up. You may have to a) provide more money into the bankruptcy in place of the non-exempt portion; or b) you could file a consumer proposal to prevent the asset from vesting in the trustee; or c) potentially the house would have to be sold.
Now in practice very rarely is the house actually sold but technically it is possible. At this point you would be best to use the links on the side to contact a trustee in your area and have them review the specifics regarding the propert.