March 30th, 2015 by Questions
If an individual is allowed $12,000 or $9,000 equity in a residence in B.C. does equity double if both spouses go bankrupt?
Posted from: British Columbia
March 30, 2015 at 8:48 am, Doug Stuive, CA | Trustee | CIRP said:
The exemption limit is allowable for each individual. So if you are both 50% owners on title on the property and the property has $12,000.00 in equity than you each would have house equity of $6000.00. The exemption limits do not “double” so much as when you calculate your equity you need to calculate the amount each homeowner is entitled to when you determine if your equity is within the exemption limits or not. To be sure I would recommend a free consultation with a licensed bankruptcy trustee. They will be able to advise you how house equity is usually calculated in your province and what documentation is needed when considering the value of the property.
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