My wife and I (both going bankruptcy) have a house worth 350000. What is the allowed deduction for calculating net proceeds for the house after selling it. Is it as some one told me a 10% deduction is normal for deduction.
house and bankruptcy
posted by Questions @
1 Expert Comment:
At November 12, 2009 |
8:46 am
, Bart Goth, Trustee in Bankruptcy Said...
There is no standard deduction allowed for real estae. What must be looked at is the amount of equity (i.e. market value less any oustanding loans or other encumberances). If the amount of equity is leass than $40,000 as stipulated by the Alberta Civil Enforcement Act then you have no issues to worry about. If you have more equity than this then there is money that will have to come into a bankruptcy estate in connection with this non-equity.
Please type your comment below:You must be logged in to post a comment.
