FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Facebook

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Want to sign half of house over to child…

My house does not have a mortgage left owing on it. The house is jointly owned by myself and my eldest Son. I want to sign my half of the house over to my youngest Son. Should I do this, will it effect a future bankruptcy claim made by myself? Will they be able to reverse the signing over of my home and take it away from my Sons? My home is the only thing I have left to hand down to my children and I don’t want it taken away. None of my debt pertains to the house (ie. no outstanding property taxes or utilities)

Thanks in advance.

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Want to sign half of house over to child…”

A licensed trustee said...

If you have a house worth, say $100,000 (your half is worth $50,000), and you sign your half over to your son and then go bankrupt, you will most likely be required to repay the $50,000 to your bankruptcy estate. Since you won’t have the money to do so, it is possible that the trustee will try to reposses your son’s home.

Depending on the dollar values involved, better options might be to arrange a mortgage to repay your debts, or try a consumer proposal to repay your creditors without losing your home.

Click on the link on the right hand side of this page to contact a trustee to explain your options.