bankruptcy with rental income?

February 27th, 2012 by Questions

I have about 40 000 in credit card debt, but I own 25% of a triplex and my father owns the other 75%. Would I be able to still file for bankruptcy, even though I own part of that house?

Posted from: Quebec

Questions

One Response to “bankruptcy with rental income?”



February 27, 2012 at 7:57 am, A licensed trustee said:

You may still file, but if there is equity in the building you will be required to pay your trustee an amount equal to your 25% share of the equity in order to keep your share of the building. In addition, your portion of the rental income profit (if there is any) will have to be reported each month to your trustee too.

This is definitely something you want to discuss with your trustee BEFORE you decide to file.

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