Bankruptcy Canada - Can I Keep My Home?
Bankruptcy Canada Questions & Answers
Author: |
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Anonymous |
Date: |
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May 4, 2010 |
Question: |
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If I submit a proposal or file bankruptcy on my credit cards and line of credit, can I keep my home if I am making payments on time? If so, what happens if I decide to sell?
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From: |
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Karen
Alger & Associates Inc. - Alberta Bankruptcy Trustee |
Date: |
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May 4, 2010 |
Answer: |
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The value of your home and potential equity are taken into consideration when filing the proposal. If creditors are entitled to any portion of the equity (any amount over $40,000) then that amount must be factored into the offer. If there is no equity and the proposal is accepted you may sell your home. If there is equity then the Trustee will require you to consent to a writ being registered against the house to protect the creditors for the duration of the proposal.
Karen Rideout
phone: (403) 296-2973
Alberta Bankruptcy
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This site provides free information about personal bankruptcy in Canada and personal bankruptcy alternatives in Canada, including answers to common personal bankruptcy questions.
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