condo mortgage and bankruptcy

September 14th, 2009 by Questions

Hi, my ex-wife and I own a condo which I am responsible for its mortgage. The condo is rented till June 2010. We agree on selling it after June 2010. However, I am unable to pay the mortgage.
If I file bankruptcy, what will happen to us? Can she sue me? Can she deal with bank after I file bankruptcy?

Posted from: Ontario

Questions

One Response to “condo mortgage and bankruptcy”



, A licensed trustee said:

If the condo is rented why aren’t you using the rent to pay the mortgage? In fact, you can simply sign the rent cheques over to the bank and they will collect it for you, if you want…

If you file for bankruptcy your ex has a couple of options – I suspect she’ll start by speaking with a Family law expert to see if she has the right to take you to Family Court. Without knowing a great deal more about the agreements you ahve made with your wife it is impossible to tell.

Collect all of the information about your debts, about your monthly income and expenses and whatever agreements you have with your ex and then go and see either your own family lawyer or a trustee to try and get things sorted out.

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.)