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Equity from House Sale

I sold a house approximately 7 months ago and received some equity from the home which I have disbursed. Do I have to disclose this? If so, what are the ramifications?

Posted from: Ontario

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One Response to “Equity from House Sale”

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

You definitely have to disclose this, failure to do so would be considered fraud. In terms of the ramifications, this depends on the sale price, amount of equity you received from the sale and what you did with the sale proceeds. In a situation like this you need to consult directly with a local trustee as the details will be very important in determining the answer and how a bankruptcy will unfold.