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Shared Cottage

For a family owned cottage, if one family member declares bankrupcy, does their legally owned share of the cottage become available to the creditors, if so, how does it work?

Posted from: Ontario

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One Response to “Shared Cottage”

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

Yes, if one of the individuals who is listed on title declares bankruptcy, their share of the equity in the cottage would legally become available to the creditors. So this could mean that the share would be sold to the other family members, or some other arrangement would need to be made to minimize the impact on the other members on title.