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Bankruptcy Calgary Edmonton Q&A Forum



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.



Grant Thornton Limited



Nov 19, 2015



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


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