November 18th, 2012 by Questions
My husband and i have a mortgage on our house with ~120,000 in equity. If only I declare bankrutpcy does he lose his half of the equity?
Posted from: Ontario
November 18, 2012 at 10:38 pm, A licensed trustee said:
No, he does not. If you file for bankruptcy you will be required to pay an amoutn equal to your share of the equity into your bankruptcy. If you cannot do so then the house may have to be sold in order to recover the money. If it is sold then your spouse will receive their share from the proceeds of the sale.
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