I own a home but I rent it out. I live with my boyfriend

August 21st, 2013 by Questions

I am wondering what’s happens with the home I own. I do not live in it at present. I have been renting it out for over a year and live with my common law spouse.

Is it exempt from distribution ?

Thank you

Posted from: Alberta


One Response to “I own a home but I rent it out. I live with my boyfriend”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

In Alberta in order for you to qualify for the $40,000 exemption that exists it must be your principle residence. So if you are not living in the home and file for bankruptcy, the house would either have to be sold or you would have to pay the equivalent amount of equity in to your trustee as part of the bankruptcy.

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