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Selling house during bankruptcy period?

If you sell your home while you are still in bakruptcy does the whole windfall (money left over after the mortgae is paid back to the bank) go to the estate, or are you allowed to keep some of that money?

Posted from: Saskatchewan

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One Response to “Selling house during bankruptcy period?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

You will likely be allowed to keep any equity in the property up to the value of the exemptions that is permitted in your province. In Saskatewan the maximum exemption for a principal residence is $32,000 per residence.

Now this is an important thing to discuss with your trustee prior to selling as there may be a requirement that the money be put straight back into another residence, or there could be other charges that may take priority to this exemption.