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can I keep my residence if it’s owned by my sibling & me

The house I reside in is owned by me and my sibling. What will happen to the house if I go bankrupt? The house is 55% mortgaged. I suppose I have half the equity, which is 22% of the market value. Will I or my sibling lose the house? How will the house be dealt with in bankruptcy? Will it be sold? My sibling and my family live in it.

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One Response to “can I keep my residence if it’s owned by my sibling & me”

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

This is going to depend on 3 key things;
i) how much equity is in the property;
ii) what province do you live in;
iii) Who provided the down payment and is it traceable.
I suggest you contact a local trustee and they will be able to describe what would happen to any equity based on these three facts.