During the bankruptcy process, some of your assets may be vested with your Licensed Insolvency Trustee (LIT). Your Trustee will deal with those assets as required. In Alberta, some assets are exempt from the bankruptcy process. Your Trustee will advise you of these. One item includes up to $40,000 in equity in your primary residence.
Individuals facing debt issues beyond their capability to repay them need to understand what alternatives are available to them as soon as possible. Assuming getting extra income and paying down debts owed has not worked so far, talking to a federally appointed Trustee about rights and obligations to repay may be a saving grace. Bankruptcy