assets and bankruptcy

December 30th, 2009 by Questions

My wife`s parents included her name on a property they purchased strictly as a right of survivor scenario.My wife and i are close to declaring bankruptcy.Would this property come in as an asset ?Would there be any repercussions if her name was removed before she and i declared bankruptcy?

Posted from: Saskatchewan


One Response to “assets and bankruptcy”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

As it is registered in your wife’s name it is considered her asset and will be addressed if a bankruptcy is filed.

In connection with this, when a property is transferred out of one persons name on the eve of bankruptcy there can be very significant repercussions as it is perceived as a defeating or hindering the rights of creditors. If you are considering making a transfer of this nature you should first consult with an insolvency lawyer.

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