Will I be forced to sell my property if my ex files for bankruptcy?
I am separated for 2 years now, almost divorced (waiting to go before judge). When we separated the apartment that was on both our names got changed in the title office to my name and I took over the whole mortgage. When we separated we also got a separation agreement, where we stated who will get what, and who will pay for the joined debts. Recently he told me that he want’s to file for bankruptcy . If he files for bankruptcy, is my apartment considered still as his asset , and the creditors can force me to sell the apartment?
Posted from: British Columbia
If the title of the apartment is only in your name, then no the apartment would not be considered as your ex-souse’s assets, assuming that is what is outlined in the separation agreement. It would be a very good idea to have a title search done to ensure that the property is no longer in his name as well as ensuring you can produce the separation agreement detailing how assets were divided. One additional item to be aware of, is that the separation agreement may have no bearing on who the banks can legally hold responsible for joint debt. If your name is on an account or you were a supplementary card holder, that would mean you were a joint part on the debt and make you responsible for the full balance of the debt once your ex-spouse is discharged from bankruptcy.