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Home

We transferred ownership of our house 2.5 years ago. The house is now in my husbands name. I am planning on declaring bankruptcy. Will this situation affect our home? Because of my work situation I have to declare personal bankruptcy. I am self employed. Bankruptcy debts are $130,000.

Posted from: Ontario

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One Response to “Home”

A licensed trustee said...

The answer is “maybe”. If you transfer a home in the 5 years before you file for bankruptcy to a related party your trustee is required to review the transaction to determine if it was fair.

Your trustee will consider two factors:

(1) how much debt did you have at the time of the transfer? If you owed the same 4130K that yuo owe today when you made the transfer there may be concerns…

(2) did your spouse pay you for your share of the equity when you transferred the house? If 2.5 years ago the house could have been sold and you would have legally been entitled to a portion of the equity then your spouse should have paid you an amount equal to your share of the equity. If they did then there won’t be any trouble. If they did not then you may have “given away” your equity in order to keep it from your creditors. If this is the case there will be problems.

You’ll need to contact a lawyer or a trustee to review the transaction and determine whether or not you are “offside” of the law.