Utilities & House and bankruptcy

October 18th, 2006 by Questions

I am married and all utilites (hydro, telephone, internet, satelite…basically everything is in my name). They are all current and are not behind in payments at all. My question is that if I file a bankruptcy, what happens, should these utilites be put into my spouses name before I file?

Also, how is home equity determine. We have owned our home for 5 years and have just renewed our mortgage. Is a home appraisal required to determine market value? The house is in both our names and the mortgage and taxes have never been in arrears?



One Response to “Utilities & House and bankruptcy”

, A licensed trustee said:

As a general rule you can continue to have utilities in your name and continue to pay them while you are bankrupt. If you are worried about, you could switch them into your spouse’s name before going bankrupt.

Yes, to determine home equity, an appraisal is required. The trustee will use the appraisal and proof of the amount owing on your mortgage to determine the equity.

Feel free to contact a licensed trustee for more information.

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