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Equity in real estate

What is considered a substantial equity in a lived-in home in the event of bankruptcy filing ? For example, my mortgage is 240K and my home was valued at 260K. Would this mean there’s an equity of 20K ? What about the real estate agent fees, land transfer taxes and lawyer fees ? Are these taken into account ?

One Response to “Equity in real estate”

Barton Goth GCO Bankruptcy Trustees said...

This largely depends on the province you live. Each province has a different level of equity that is able to be claimed as exempt. The values range significantly (from $40,000 in Alberta down to nothing in Ontario).

As a result you will be best to contact a local trustee local trustee and discuss the exemptions that are available in your area.