2025-08-25
Owe the CRA money? Steps to help you get back on track
Owing the government money can be very intimidating as it's assumed the government has a limitless ability to collect the debt through any means necessary.
Bankruptcy And Foreclosures
2009-02-18
I have two properties one is a primary residence and the other is a rental. The renters put a grow op in the basement and it was seized. I can't afford to fix the house and the mortgage is higher than the house is worth. Can I file for bankruptcy after foreclosure? Will I lose my primary home?
If you file for bankruptcy and Alberta is your province of residence, you are allowed to retain $40,000 equity in your principal residence. If you have less than $40,000 equity in this residence, so long as you make the mortgage payments and comply with your bankruptcy duties, your house will be fine. If you have more than $40,000 equity, you and your Trustee will meet to review how to deal with this non-exempt equity.
If you have any other questions, don't hesitate to contact one of our Trustees or Counselors.
Latest Blog Posts
2025-08-14
How to budget for summer vacation
Vacation costs can add up quickly without proper planning. This guide can help you budget so that you can make the most of your trip without overspending.
2025-08-05
How to budget when you’re unemployed
Bankruptcy Consumer Proposal
Losing your job can be frustrating and, even more so, managing your financial wellbeing while you’re unemployed. However, you can successfully navigate the situation with the right budgeting tips.
- First steps to take when you become unemployed
- Managing your expenses
- Seeking professional help
