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Marital house

I am now divorced from my xp but we still own the family home together. I am now about to declare bankruptcy, will my debts be settled from the asset the home represents and if so what happens to what`s left over of the asset

Posted from: British Columbia

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One Response to “Marital house”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

This is a question you need to discuss directly with a local trustee. Anytime you have marital issues in place things become more complicated so more details are required to properly answer your question.

However, if you are still listed on the house, likely you share of the house will vest in the trustee, eventually be sold and your 50% share will go to pay off any of the debts that you have. If there is sufficient equity to pay things off in full (plus 5% interest and the trustee fees) then some money could potentially go back to you.