October 19th, 2013 by Questions
my wife and I live together in our matrimonial home. Title to the home is in her name exclusively. There is about $200,000 in equity in the home. Unfortunately, she has executions vs her name totalling about $300,000 [from improvident bank sale and solicitor negligence]. She would love to be able to afford a lawyer to litigate but has been advised this will be very expensive, she has no excess cash and can’t access the equity in the home because of the executions. If she declares bankruptcy, what happens to my 50% of the equity? If she simply sells the home and makes a proposal to settle the debt, what happens to my 50% of the equity? Do I even have an equity position?
Posted from: Ontario
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.)