December 9th, 2012 by Questions
if i inherit a house with a mortgage can the bankruptcy take the family home
Posted from: Ontario
December 09, 2012 at 10:38 pm, A licensed trustee said:
The issue is equity. If you inherit a house that has equity during your bankruptcy then you will either have to pay an amount equal to the equity into your bankruptcy or the hosue may be seized and sold to raise the money. If there is no equity then it won’t have any impact on your bankruptcy.
Call your trustee to discuss this in greater detail.
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