June 23rd, 2013 by Questions

My husband is claiming bankruptcy and we own a condo. No divorce just legal separation currently. We have equity in our condo. About 60k how will this affect me? Joint debt is 2k

Posted from: Ontario


One Response to “Separation”

, A licensed trustee said:

If he files for bankruptcy then his ownership interest in the condo will be signed over to his trustee for the benefit of his creditors. In other words, you and his trustee will now own a condo… The trustee will ask you if you want to buy your ex’s half and if you say no, they will then want to put it up for sale. When it sells, you are entitled to whatever your ownership share of the net proceeds (I assume 50%, but whatever was on the deed).

As far as the joint debt goes, when he files you become 100% responsible for the balance.

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.)