House

October 28th, 2006 by Questions

Hi,
Quick Question.
My ex common law girlfriend and I had signed a mortgage together, we’ve seperated and I am now residing in the house awaiting the mortgage to be put into my name only . She has just now filed for personal bankruptcy. Will this affect my credit since both of our names are on the mortgage????

Questions

3 Responses to “House”



October 28, 2006 at 4:04 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:

As long as there is no default in the terms of the mortgage her filing a bankruptcy in Canada should have no impact on your credit (assuming you haven’t been listed as joint borrower for any of her other debts).



December 19, 2006 at 7:54 am, Anonymous said:

What happens if I file for personal bankruptcy, our house is in both our names, and my wife pays all mortgage etc on this house, will the house be affected?



December 19, 2006 at 8:15 am, A licensed trustee said:

The answer depends on the value of the house, and the amount outstanding on your mortgage. If there is equity in the house, the house may be impacted by a bankruptcy. However, the rules are different in each province, so for a specific answer you should contact a licensed trustee.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)