Free Consultation

Equity in the house

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

One Response to “Equity in the house”

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.