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

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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.

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bankruptcy and property

My house is free and clear. Although my name is on it, it is owned by a relative whose name is also on it. If I filed for bankruptcy, would the unsecured creditors be still able to seize the property for repayment?

Posted from: Ontario

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One Response to “bankruptcy and property”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you have a 50% interest in a house that is owned free and clear, if you file for bankruptcy your share of the house will have to be realized on for the benefit of your creditors. So either your interest could be sold to the relative you own it with or a court ordered sale would have to take place.

Now, depending on the value of the house and the amount of your debt this may mean that your creditors would get paid in ufll and there is really no value to filing for bankruptcy as it may make more sense to either sell the house or to simply re0finance the house and pay off your debt.