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estranged ex declaring bankruptcy – home at risk?

My recently separated husband is declaring bankruptcy. We jointly own a home which is in my possession. I intend to purchase his interest as part of our separation agreement but this agreement is not yet in place.

If he declares bankruptcy before I purchase the home, how will it affect my keeping ownership?

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One Response to “estranged ex declaring bankruptcy – home at risk?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This is quite a complicated issue that is dependent upon: the amount of equity in your home; the province you reside in; and how far along the separation agreement is at the time of your husbands filing. Ultimately any equity in the household may be exempt depending on which province you live, or 50% of the equity over and above the allowable provincial exemption may be an asset that must be realized upon as part of your husbands bankruptcy.

I recommend you contact a licensed trustee in your area for a detailed explanation of the provincial exemptions and how they will relate to your situation.