Currently I am on income assistance. I get approx 600.00 per month and it doesn`t look like that will be changing any time soon.
I owe $15,000.00 in credit cards and $4,700.00 to CRA for personal tax.
I own a car worth approx $4500.00 and a mobile home in which I live worth approx $36,000.00. If I declare bankruptcy, do I have to sell my car and mobile?
what do I loose in a bankruptcy
posted by Questions @
1 Expert Comment:
At April 29, 2009 |
4:42 pm
, Barton Goth, Trustee in Bankruptcy Said...
If you file bankruptcy in Edmonton the list of protected assets falls under the Civil Enforcement Act of Alberta. This legislation provides you the ability to own a car with up to a maximum of $5,000 equity in it and a principle residence of up to $40,000 equity in it. From the sounds of it you fall below these amounts on both accounts, so as long as you haven’t pledged these assets as collateral against any loans then you shouldn’t have any problem and will get to keep your mobile home and your vehicle.
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