2025-11-10
Is some debt good for my company?
Lifestyle Debt Debt Solutions
Whether operating a small business, or large enterprise, there is a lot at stake for Canadian entrepreneurs.
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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