March 18th, 2010 by Questions
Hi My friend and I own a house 50/50 split.
I am considering going bankrupt. What will happen to the house?
Posted from: Ontario
March 19, 2010 at 10:24 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
This is a question you will have to consult with a local trustee. The problem is we simply don’t have enough information to provide an answer. The answer will depend on the following:
1. Who’s name is on title to the house;
2. How much equity in in the house;
3. Who’s name is on the mortgage;
4. What is the plan with the house going forward (i.e. are you going to sell it, rent it out etc.)
So contact a local trustee and they will be able to advise how a bankruptcy will impact the house based on the details above.
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