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own a cndo in the US

I have 2 properties jointly owned with my spouse,with one propperty in the US. Will we have to sell both properties, even though I am the only one persuing bankrupsy. There is little equity,if any in the US property and only about $15,000 of equity in the Nfld. property Thanks

Posted from: Newfoundland and Labrador

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One Response to “own a cndo in the US”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Selling the property is one option but the other is you provide your share (i.e. 50%) of the non-exempt equity into your bankruptcy trustee. IF this is done then you can retain the US properties. But as you can see this can be a somewhat confusing issue so I suggest you contact a local trustee to discuss this in more detail.