2025-06-30
Who Can File For Bankruptcy
Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
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.
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