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Alberta bankruptcy Q&A forum

Question:

 

Good Afternoon, I was divorced in 2010, however a property settlement has not been done yet. I have exclusive possession of the Matrimonial home and have made all payments to credit line and mortgage since 2008. What happens if I declare bankruptcy? Can my ex take my home? Thank you


From:

 

Grant Thornton Limited

Date:

 

Jan 07, 2016

Answer:

 

Jodi, When you file for bankruptcy the Trustee must review the equity available in the property. If the property in located in Alberta and there is less then $40,000 equity then you and your ex spouse will need to review the entitlement with the property settlements. The Trustee in bankruptcy will not get involved if you are living in the home. If there is more then $40,000 equity in the home then the Trustee will discuss with you options to deal with the equity before you file a bankruptcy. This eliminates the guess what for you. If you would like to discuss in detail please contact our office for a no charge consultation.

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

 

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