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anonymous

Personal property equity is stated as $40,000. If both spouses are claiming personal bankruptcy, is the total allowable equity $80,000

Posted from: Alberta

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One Response to “anonymous”

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

The Civil Enforcement Act of Alberta is the piece of legislation that provides for this exemption and the way it is worded is that you are allowed to have up to $40,000 of a total exemption in your principle residence, divided by your percentage ownership. So the result is that the maximum allowable in one house is $40,000.