equity in the home, province of Ontario
June 19th, 2005 by Questions
I just sent an email regarding surplus income and the Child Tax Benefit. My husband is automatically bankrupt due to an unaccepted consumer proposal. I am not involved in the bankruptcy at all. He has no personal debts but the house we live in is jointly owned. They want his portion of the equity. The bank is allowing us to remain in the house, they are secured with the mortgage. When we built this house, we were not married and I put up the total equity of $50,000. I can prove it. I have a bank book in my name and personal cheque copies indicating payments for various work on the house for that amount $50,000. Can I claim that the equity is all mine with the proof or is it jointly owned therefore his portion or a part of it as determined by the trustee, is payable to the estate? Please help.
I feel that the trustee, in this very special case, has not told my husband everything about become bankrupt. We followed all instructions, put out a consumer proposal which was refused by the franchiser and 4 months later we get a call that the bankruptcy is being backdated to Mar 1, 2005, the day after the proposal and all the rules have changed because, noe he is bankrupt, ie… income tax refund from 2004 seized and any prior adjustments etc… I knew that they took 2005s but everything else is a surprise. It\’s like the trustee assumed that me husband new the law. It just seems that the gloves have come off. I do not trust the trustee and since I am not involved what can I do to protect myself and my 4 children.
Stay at home mom in trouble.