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

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Bankruptcy and house

I am on disability and in the middle of an ugly divorce. I live in Oakville Ontario. If I declared bankruptcy would I lose my house. It is half mine and half my soon to be ex.

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One Response to “Bankruptcy and house”

A licensed trustee said...

Whether or not you lose your house will depend on the amount of net equity you have accumulated in the property. Net equity is simply the amount of money that will be left over for you after the mortgage, real estate fees, legal and other closing costs are paid. Since you own the house with your soon to be ex, you should be entitled to 50% of the net equity.

If you file bankruptcy, you have the choice of paying an amount equal to share of the equity in the house to your trustee as part of your bankruptcy (in which case you will be permitted to keep the house) or yoor trustee may be required to sell you house.

This is something you need to discuss with your soon to be ex and your family lawyer as it may have a dramatic impact on your separation/divorce.