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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

Hello... During a bankruptcy in Alberta if a home is sold with less than 40% equity after closing costs... Do the remaining funds (equity) go into the bankruptcy or do they remain exempt?? Also, if in bankruptcy... Are monies received from a lodger (adult child) in the home considered income?? Thank you...


From:

 

Grant Thornton Limited

Date:

 

Nov 08, 2015

Answer:

 

Hi George, During a bankruptcy, if you sold your principal residence, the first $40,000 equity after selling cost can be claimed and remain exempt. Yes, the monies of the lodger is considered as income when reviewing the family circumstance. However, depending on the situation the Trustee may be able to discuss alternatives methods in dealing with the monies for the lodger. I would suggest contacting our office to discuss in detail.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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