keeping the cottage

April 12th, 2011 by Questions

The family cottage is both my mother’s and my name. There is an outstanding $100,000 line of credit on it. The cottage is valued at $240,000. Will we lose the cottage if I file for bankrupcy?

Posted from: Ontario


One Response to “keeping the cottage”

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

If the cottage is not in your name, has never been in your name and you haven’t contributed the funds to purchase the cottage, then it is clearly not your asset and there would be no impact on if should you file a bankruptcy. However, this answer could change had your name once been on the cottage or had you actually provided the money to purchase the cottage. What I would recommend is you discuss the details of this cottage directly with a local trustee and they will be able to confirm whether or not this property is at risk.

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