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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

I am about to start a business and I need to organize my assets in advance to eliminate/minimize potential bankruptcy issues. 1) If our home is put into sole ownership of my wife would this exempt the home from my bankruptcy, even if I sign a Personal Guarantee (PG) with a lender? 2) RRSP assets. I understand these are seizable if a PG is signed, but also have heard that they can be protected in an insurance arrangement. Can you confirm and provide more information on this please. Sincere thanks Drew


From:

 

Grant Thornton Limited

Date:

 

Nov 24, 2015

Answer:

 

Hi Drew, I would suggest discussing the risks of personal liabilities and how to safe guard your assets with an Insolvency Lawyer. Layers are also able to review the personal guarantees with you before they are executed.

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

 

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