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Alger & Associates personal bankruptcy services are
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Grant Thornton Limited

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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

We have fully financed a home in Alberta for our son using a Home Equity Credit Line. Ownership was put in our son's name & he is making monthly payments to repay the credit line. If he declares bankruptcy, will the home be seized, leaving us with nothing? Thank you for your response.


From:

 

Grant Thornton Limited

Date:

 

Nov 19, 2015

Answer:

 

Hello, Assuming that the Home Equity Credit Line is properly registered to the house and you are also a joint owner with your son then the home should not be affected in a bankruptcy if there is less than $40,000 equity available. You may need to contact our office to discuss if the circumstance is different than my assumptions. My number is (780)442-1984 if you have any questions or concerns.

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

 

For debt help and bankruptcy in Calgary, Edmonton, and throughout Alberta, call TOLL FREE from anywhere in Alberta: 310-8888
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