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House Sale

If a bankrupt is to sell their home while bankrupt can they keep the sales proceeds or does this go to the trustee?

Posted from: Alberta

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One Response to “House Sale”

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

If the bankrupt is living in their house and their house wan’t up for sale when they filed for bankruptcy, then according to Alberta law you will be permitted to keep a maximum of $40,000.00 from the proceeds of the sale (after the legal fees, real estate fees, and the associated mortgages are paid out). If there are any funds left after you have received your $40,000.00 then they are considered to be part of your bankruptcy and would be divided up by your trustee for your creditors.