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I have a house and my son is also on title, if I declare bankruptcy will we lose the house?

Posted from: British Columbia

One Response to “House”

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

The answer to this question is based no a number of factors (i.e. amount of equity in the property, who lives in the property, where the property is located, whether or not you are current with the mortgage payments and whether or not you have the ability to stay current with the mortgage payments). As a result of all this you are best to contact a local trustee in your area. Very quickly they will ask a few questions about the house and be able to tell you how it would be treated. However, what I find is in most instances people don’t lose their house, but as it is dependant on the above factors you are best to contact a local trustee.