2026-06-25
Simple credit card tips: How to pay it off faster and keep your credit healthy
Learn how paying down credit card debt, checking your credit report, and managing utilization can improve your financial health.
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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Money wasn’t something my dad talked about very much when I was growing up. However, he did have a couple of expressions he would share repeatedly over the years.
