Question: |
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My husband owes about $50,000 in debt to CRA but really not alot of other debts ($2000 on a line of credit, $500 on a credit card). We own a home, with a $370k mortgage on it, and we could sell it for about $450k, so about $80k equity in the home. We would like to consider bankruptcy, as he is disabled and no longer working, and he cannot afford to pay this debt. How does that affect our matrimonial home? Would they just require him to pay the $20k beyond his exemption? We want to ensure that they wont make us sell our home in order to satisfy this debt.
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Answer: |
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In a bankruptcy scenario, your husband could likely negotiate with the Trustee to repay any non-exempt equity in the home. Please contact our office or, if you are not in Alberta a Trustee in your area of residence to discuss your situation and options in greater detail. YOur husband may also wish to consider making a proposal to his creditors as an alternative to bankruptcy.
Vanessa Grant
phone: (403) 296-2977
If you wish to talk to one of the Calgary bankruptcy professionals at Alger & Associates Inc., you can call us TOLL FREE from anywhere in Alberta at 310-8888. After hour appointments at our Calgary bankruptcy offices are available.
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