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.
CIRP, LIT, CPA
Senior Vice President
Servicing: Calgary (Downtown), Red Deer, Drumheller, Calgary (NE), Airdrie
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
2025-04-11
Bankruptcy
Considering Bankruptcy and wondering who could find out? Rest assured; your information will stay mostly confidential.
2024-09-25
Bankruptcy
If you’re going through a personal Bankruptcy, one of your main goals is to obtain your discharge — that is, to have your debts cleared so you can start fresh.
