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company sale during bankruptcy

I have a small company and an acreage . If I sell the company then there would enough collateral in our acreage that I would be eligible for the $40,000 mortgage exemption. What if it takes say 6 months into the bankrupsy for the company to sell. Would we still be eligible for this exemption thank you

Posted from: Alberta

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One Response to “company sale during bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

There is no time restriction withe the $40,000 exemptions. You can claim it no, or 6 months from now. Perhaps I don’t fully understand the question, but the timing of things doesn’t impact the availability of the exemption.

The best thing to do is to simply contact a local trustee so we can confirm details of the company and how it relates to the acreage. But in typical circumstances they don’t normally impact the amount one can claim as exempt.