FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Comments

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Home Equity – offer to buy spousal share

Hello,

My wife has filed for personal bankruptcy. We jointly own our home in which there is considerable equity. We currently have 2 very young children (under the age of 3). The trustee is interested in doing a private sale of her equity in the home to me. What should I offer knowing they can they will not realize on the equity until the children are old enough to leave, say for 20 years?
As a percentage, what would be fair?

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Home Equity – offer to buy spousal share”

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

While I have my doubts about the trustee not taking action against the property for the next 20 years, legally the amount that you are responsible to provide is 50% of the non-exempt equity (i.e. value of house less any existing mortgages less any equity exemption allowable in the province). Potentially you may be able to negotiate some concessions on legal fees and real estate costs, but past that the trustee has a legal obligation to realize on the property. Perhaps you may contact a lawyer and get his input, but from where I sit I don’t think you are in much of a bargaining position as the trustee is only trying to realize on the portion of monies that rightfully belong to the creditors.