pursuing personal bankruptcy

January 30th, 2012 by Questions

My wife are are currently unemployed in Alberta have lost our Alberta jobs, lost our home in alberta as security to a loan.We have other possible creditors who might pursue us.
We have a 48′ sail boat in Vancouver we will be making our primary residence worth $150,000
Question, can we move onto the boat and will it be deemed a primary residence having moved from Alberta?
Should we file in Alberta or BC?

Posted from: Alberta

Questions

One Response to “pursuing personal bankruptcy”


January 30, 2012 at 3:57 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If you file for bankruptcy while living in Alberta you will not be able to claim your boat as a principle residence. To be eligible for a principle residence exemption you must physically be living in the property. Now, the rules determining these exemptions are very specific and you should verify with a trustee in BC whether or not the sail boat will qualify.

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