9,075
edits
Drew Jackson (talk | contribs) |
Drew Jackson (talk | contribs) |
||
Line 38: | Line 38: | ||
Under the [http://canlii.ca/t/858w Court Order Enforcement Exemption Regulation], a judgment debtor whose principal residence is located within the Metro Vancouver or Victoria areas may claim $12,000 equity that is exempt from seizure. Judgment debtors living outside these areas may claim an exemption of $9,000 equity in their principal residences. | Under the [http://canlii.ca/t/858w Court Order Enforcement Exemption Regulation], a judgment debtor whose principal residence is located within the Metro Vancouver or Victoria areas may claim $12,000 equity that is exempt from seizure. Judgment debtors living outside these areas may claim an exemption of $9,000 equity in their principal residences. | ||
=== If the debtor shares ownership in the property | === If the debtor shares ownership in the property === | ||
If the debtor’s interest in the land is a joint tenancy or tenancy in common, rather than the entire title, a creditor can still take enforcement action. Essentially, the process is the same, except that if one of the co-owners of the property is not a judgment debtor, then only the interest of the judgment debtor is subject to sale. The buyer/new owner may be the judgment creditor, the non-creditor owner, or a third party. If the new co-owners are not compatible, either one of them may apply for a sale of the entire ownership of the property under the [http://canlii.ca/t/848q ''Partition of Property Act'']. | If the debtor’s interest in the land is a joint tenancy or tenancy in common, rather than the entire title, a creditor can still take enforcement action. Essentially, the process is the same, except that if one of the co-owners of the property is not a judgment debtor, then only the interest of the judgment debtor is subject to sale. The buyer/new owner may be the judgment creditor, the non-creditor owner, or a third party. If the new co-owners are not compatible, either one of them may apply for a sale of the entire ownership of the property under the [http://canlii.ca/t/848q ''Partition of Property Act'']. |
edits