how does a bancruptcy work in my situation
January 5th, 2010 by Questions
how does a bancruptcy work in my situation….my husband and i are not legally seperated, but i am at a point that i have not choice but to go bankrupt….his name has been put on the deed for his mothers house…when i mentioned about bankruptcy he said he has to take his name off his moms house so he wont lose it in the bankruptcy….if i file is he responsible for anything? Is it possible that he could lose his moms house…even if he took his name off the house to try and hide the fact that he is part owner in the house?
Posted from: Ontario
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January 06, 2010 at 6:58 am, A licensed trustee said:
If your husband is not filing bankruptcy himself then the house will not be involved. When you file for bankruptcy only assets in your name are affected.
A cautious person would go and see a family lawyer to have a formal separation agreement drawn up – just to be sure, but unless your husband files himself, it should not be an issue.