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Alger Bankruptcy Services

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Alger & Associates personal bankruptcy services are
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Can a person in bankruptcy in alberta keep their very modest home and their vehicle, please?



Alger & Associates Inc.



Jun 09, 2013



In Alberta, an individual in bankruptcy is entitled to claim the equity in their principal residence exempt up to a value of $40,000. If the equity exceeds that amount, the excess must be paid to the Trustee. This usually occurs through refinancing or payment over time. The value of equity in a residence is determined by obtaining an appraisal and this issue should be discussed in detail with the Trustee prior to proceeding with bankruptcy. A vehicle is exempt up to $5,000. An appraisal or other indication of liquidation value should also be discussed with the Trustee. Please contact me to discuss this matter in more detail. Thanks for the question.

Marie Kozlowski
T 403-296-3082


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