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Alger Bankruptcy Services

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Alger & Associates personal bankruptcy services are
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Hello, I have 2 questions. If I were to file bankruptcy would I lose my house (negative equity at this point)? Would I lose my car (no liens; value 12,000.00)? My debt load apart from the house mortgage is $40,000.00



Alger & Associates Inc.



Sep 05, 2013



Joanne You will not lose your home providing you continue with the regular mortgage payments. In Alberta, equity up to $40,000 is exempt, individuals with equity in excess of this amount usually make arrangements with their Trustee to pay the surplus equity into the bankruptcy. You will not lose your vehicle, however the Trustee will require you take it for appraisal. Any equity over $5,000 would have to be paid to the Trustee over the period of the bankruptcy. If you are self employed and use your vehicle in your business, there is a 'tools of the trade" exemption of $10,000 which can be used for a vehicle. Thanks for the question. Please call me and set up an appointment for a free consultation.

Marie Kozlowski
T 403-296-3082


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