house and bankruptcy

I have a house.

I think the value is about 140k.

The mortgage on it is about 40k.

The house is in my and my wifes name.

I think I need to go bankruptcy. If I do, what happens to the house?

Posted on Wednesday, September 23, 2009 | Filed under: Bankruptcy
 posted by Questions @ 7:41 am 1 Comment
1 Expert Comment:

 At September 30, 2009 | 5:52 am , Bart Goth, Trustee in Bankruptcy Said...

If the equity value of your house is $40,000 or less, then you really won’t have to worry. When you file bankruptcy in Alberta, under the provincial exemptions that are allowed, as long as you have $40,000 or less all of the equity is then protected and not impacted by the filing of a bankruptcy.

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