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exemption for house equity in Nova Scotia

The laws in NS state that for a person who owns a home there is $0 in equity in your are exempt from.
Does this mean that no matter what the amount of equity I have, I need to sell my home and put the equity towards the bankruptcy settlement OR can I keep my home and entitled to 100% of the equity that is in the home?

Posted from: Nova Scotia

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One Response to “exemption for house equity in Nova Scotia”

A licensed trustee said...

There is no exemption for house equity in Nova Scotia – that means if you file for bankruptcy your trustee will be required to realize (collect) an amount equal to the equity in your house if you file for bankruptcy.

The first thing your trustee will likely do is see if there is anyway that you can pay them an amount equal to the equity in your house. In most cases they will allow you a couple of years to do so. You may want to consider a consumer proposal instead of bankruptcy – that may allow you up to 5 years to reapy the equity in your house.

If you cannot afford to pay for the equity then your trustee must place the house up for sale in order to raise the money.