Can I Keep My House if I File for Bankruptcy

2010-10-18

schedule minute read

Author: Donna Carson

Bankruptcy

In Alberta, you are allowed to keep $40,000 equity in your principal residence if you file for bankruptcy. Equity being calculated as the fair market value of the house less the mortgage owing, property taxes, or any other secured debts against it. If you are current with your mortgage payments, the lender can not foreclose on the home simply because of the bankruptcy. 

Consultation icon