April 29th, 2011 by Questions
I own a clear title condo in the US if I go bankrupt in Alberta can they take it?
Posted from: Alberta
April 29, 2011 at 9:21 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
If you file for bankruptcy, regardless of where, automatically all your property wherever it is located vests in the trustee for the general benefit of your creditors. The only exceptions are the bankruptcy exemptions that are available in your province.
So if you own a condo in the US and are struggling with debt up here, the best thing for you to do is to consider either selling the condo or taking out a mortgage against the property and using the proceeds to pay down your debts.
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