Comments on: Need your advice, http://www.bankruptcy-canada.ca/bankruptcy/2008/09/need-your-advice.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Ted Michalos, CA trustee http://www.bankruptcy-canada.ca/bankruptcy/2008/09/need-your-advice.html#comment-58188 Ted Michalos, CA trustee Wed, 01 Oct 2008 11:15:29 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2008/09/need-your-advice.html#comment-58188 If there was equity (net value) in the house when you moved out then you can't simply sign it over to your daughter - you need to be paid the fair value of your equity to keep things legal. If you simply transferred the house to your daughter and then filed for bankruptcy, the Court might simply reverse the transaction (ie put the house back in your name) or order your daughter to pay an amount equal to your equity. Whenever houses are involved I suggest you speak to a trustee sooner rather than later - you need to know your options and things need to be done in the correct sequence to avoid trouble for the other members of your family. If there was equity (net value) in the house when you moved out then you can’t simply sign it over to your daughter – you need to be paid the fair value of your equity to keep things legal.

If you simply transferred the house to your daughter and then filed for bankruptcy, the Court might simply reverse the transaction (ie put the house back in your name) or order your daughter to pay an amount equal to your equity.

Whenever houses are involved I suggest you speak to a trustee sooner rather than later – you need to know your options and things need to be done in the correct sequence to avoid trouble for the other members of your family.

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