Saskatchewan Bankruptcy Questions

2009-05-07

Let me try to answer your questions one at a time: a) What happens to the House: Each owner of a principal residence in Saskatchewan is entitled to a $32,000 exemption in the equity. For example, if your house is worth $130,000, with a mortgage of $100,000, the $30,000 equity is exempt. Therefore, if you keep making the mortgage payments in my example, you would retain your house. If the house is jointly owned, each owner is entitled to claim the $32,000 equity exemption, although this can be complicated if one of the owners no longer lives in the residence. b) You are entitled to keep one vehicle as exempt, if you require it for work. The leased vehicle likely has no equity in it, and you could either return it to the leasing company, or keep it and continue making the payments. c) If you file a bankruptcy, your creditors will still be entitled to pursue anyone who co-signed for the debt so they will, in all likelihood pursue your wife for the debt. Please do not hesitate to call if you have further questions or to book a free initial consultation. Ian Schofield MNP Regina 306-790-7904