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bankrupcty

hi my question is i have home and deed is on my and my wife name and the mortage is only under my wife name. and i have debt of $96,000 and creditors put the lien on house but all the debts were my companys debt. and there were no name of my wife in the business.creditaors or business had nothing to do with my wife.
rite now the mortage is $440,000 and value is 490,000. this is most recent aprisal value that i got from remax.
i don`t know what should i do. i do not have job lost my business.

Posted from: Ontario

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One Response to “bankrupcty”

A licensed trustee said...

For a creditor to register a lien on your home they must have taken you to Court first to obtain a Judgment against you. If any of those lawsuits named your wife as a co-defendent then it may be that she now owes the debt along with you.

If the debts truly are only in your name then your creditors will be limited to your share of the equity in the house. If both your names are on title and you haven’t clearly stated your ownership interests then the assumption is you each own 50% of the house. In that case, your creditors may be entitled to 50% of the equity.

I think you ought to contact a lawyer (as opposed to a trustee) to discuss whether or not you wife was named in any of the lawsuits and to develop a strategy to deal with the liens.