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If you co own a home (two names on title) and fiel for personal bankruptcy can you retain the house?

One Response to “Home question”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This depends largely on which province you live in and how much equity is in the house. The amount of equity you are able to retain through a bankruptcy is dependent on provincial legislation. For example, I practice in Alberta where the principle residence exemption is $40,000. As a result very few people loose their homes. However, if you contrast this with Ontario where no exemption exists for a principle resident, you may find significant regional differences.

Therefore, you best advice is to follow this link and find a licensed trustee who practices in your area. They will be able to advise you on what can be expected in your area.