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

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what happens to my mothers home

My husband and myself were self-employed and had to give up the business due to illness. We are now on income assistance waiting to collect disability. We both have credit card debt and bank overdrafts. We don’t have tax debt. I had been gifted 4% interest 3 years ago in my mothers house which I live in paying monthly rent. What will happen to my mothers home when we declare bankruptcy

Posted from: British Columbia

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One Response to “what happens to my mothers home”

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

If you and your husband file for bankruptcy the interest you have in your mothers property is something that you will loose. So the most likely things that will happen are that you will a) have pay the trustee the equivalent of the 4% interest you have (i.e. if the house is worth $100,000 you will have to pay $4,000 in as part of your bankruptcy), or b) another party will have to pay the 4% for your share. As this is a bit confusing you are best to discuss this directly with a local trustee.