July 2nd, 2010 by Questions
I own a 1971 glendale trailer that is approximatly worth $10 000.00. I owe nothing on it and this is where i live. do i have to give up my home if i decide to go bankrupt
Posted from: New Brunswick
July 05, 2010 at 8:46 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
In New Brunswick there is no available exemption for a principle residence. As a result in a bankruptcy
you will either have to sell the home, or pay the equivalent value into the trustee to be divided among your creditors.
Alternatively you may want to consider the filing of a consumer proposal as there is no automatic vesting of assets as there is in a bankruptcy. But either way you are best to consult with a local trustee, they are qualified to administer both consumer proposals and bankruptcies and will be able to assist you in determining the best avenue for you.
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