Question: We full time in a motor home and it has been our only home for six years. Would we lose our home if we applied for bankruptcy?
Answer: The Courts in Alberta generally have held that a motorhome or recreational trailer can be considered a residence if the arrangement is legitimate. The questions of relevance are; How long? Why don’t you have a typical home? Who owns it? What is it worth? Does it have a lien on it? How much equity do you have? etc.
Without further detail, it is difficult to give you absolute assurance that it will qualify as a residence and be exempt in a bankruptcy? Some may argue that a residence has to be stationary in order to qualify and residence exemptions vary by province. In Alberta every residence has an equity limit of $40,000.