Spouse real estate

Several Questions:

1) Is bill C-12 in effect now? ie. 250000 consumer limits

2) The house is in my spouses name for a while now…are there any concerns re: Consumer proposals or bankruptcy with this? (no mortgage)

3) She also co-owns a recreational property with her parents, but I may be still on the mortgage? How does this affect CPs and bankruptcy?

4) My difficulties stem from my business tanking in the last few months(aggravated by 80% US export)…I own my business 50-50 with my brother as a corporation. How would this affect CPs or bankruptcy?

Thank you, great resource especially for clarity under stress.

Posted from: Ontario

One Response to “Spouse real estate”

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

Bill C-12, the entire bill has not been enacted and an election has been called we have no indication what or when the remaining components will be. As a result the cut off for the proposal is $75,000 of non mortgage debt on your principle residence.

In terms of the house and the other property that relates to you and your spouse and the partnership you are involved in. There is not enough information to effectively answer these questions so you will need to contact a local trustee, they will need some additional about both the properties and the business and then will be able to advise you appropriately.