FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Owning property in another prov/terr

I would like to know if a person living in Alberta can declare bankruptcy even though they may own property in the Territory. What happens if this person did not declare this property in their bankruptcy claim?

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One Response to “Owning property in another prov/terr”

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

You can file for bankruptcy, but there will be an impact on the property owned. In Alberta, in order to keep the property you must currently be living on/in the property if:
1. The property is full secured (i.e. you have no equity in the property as it is fully mortgaged any you are making payments);
2. If equity, (the difference between your mortgage and the value of the property) you are living in the property and the value of the equity is less than $40,000 or an agreement with the trustee is drawn up to provide the value of non-exempt equity into the bankruptcy estate.

Alternatively you may be able to consider filing a consumer proposal and this may be able to be framed in a manner that will protect your property. For a more detailed description of this you should contact a licensed trustee and he will be able to clarify any of these details.