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Joint ownership

How are thing in joint ownership affected by one partners Bankruptcy?

Posted from: Ontario

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One Response to “Joint ownership”

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

This is really going to depend on the type of asset we are dealing with and whether or not it is considered under the provincial exemptions. But ultimately, joint assets, if at risk it is only your share of those assets at risk. So for example, if there is equity in a house that is jointly owned, only your share of the equity in that house would need to come into the bankruptcy estate.