Comments on: assets in a bankruptcy http://www.bankruptcy-edmonton.com/bankruptcy/2009/12/assets-in-a-bankruptcy.html Bankruptcy Edmonton Thu, 12 Aug 2010 14:33:41 -0400 http://wordpress.org/?v=2.8.6 hourly 1 By: Bart Goth, Trustee in Bankruptcy http://www.bankruptcy-edmonton.com/bankruptcy/2009/12/assets-in-a-bankruptcy.html/comment-page-1#comment-447 Bart Goth, Trustee in Bankruptcy Tue, 22 Dec 2009 15:05:08 +0000 http://www.bankruptcy-edmonton.com/?p=466#comment-447 It is not the value of your house that is important, but the amount of equity in the house. If you have less than $40,000 equity in the house (value less total mortgages) then as long as you can afford to continue making the payments on mortgage and the house will not be affected. However, if you have greater than $40,000 there will be an impact on the house and the severity of the impact will vary with the amount of equity we are dealing with. In terms of the cars, each debtor is permitted a vehicle with up to $5,000 of equity. So as long as the equity in the vehicles doesn't exceed this $5,000 amount (per vehicle, per debtor) then you shouldn't have a problem here. It is not the value of your house that is important, but the amount of equity in the house. If you have less than $40,000 equity in the house (value less total mortgages) then as long as you can afford to continue making the payments on mortgage and the house will not be affected. However, if you have greater than $40,000 there will be an impact on the house and the severity of the impact will vary with the amount of equity we are dealing with.

In terms of the cars, each debtor is permitted a vehicle with up to $5,000 of equity. So as long as the equity in the vehicles doesn’t exceed this $5,000 amount (per vehicle, per debtor) then you shouldn’t have a problem here.

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