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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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Acrimonious

I own a house in Alberta which is involved in a divorce (with nearly $300,000.00 of unencumbered equity) but my wife won’t agree to anything. The divorce has been going on for 2.5yrs already. I’ve been living in BC 2.5yrs as well. I can’t find work here and my credit cards are maxed out, I’m broke. Can’t get an equity loan on house because she’s on title of house. Can I declare bankruptcy? If I can, what happens to my house in Alberta?
Thanks for your help.

Posted from: British Columbia

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One Response to “Acrimonious”

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

You can declare bankruptcy. What would happen is that as part of the bankruptcy you would loose your share of the equity. So the house would eventually have to be sold, your equity paid in as part of the bankruptcy and then used to pay off your creditors. If there is sufficient to pay your creditors in full then you may get a portion of the sale proceeds.