Property in foreign country and bankruptcy
February 19th, 2010 by Questions
I have to file bankruptcy, but I have house in foreign country which I can not sale for many years, will I lost it?
Posted from: Ontario
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February 20, 2010 at 10:15 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
When you file for bankruptcy in Canada, all your property except for the exemptions available in your province will vest in the trustee. This includes property that located inside or outside of Canada.
So when you file for bankruptcy, the house you have in the foreign country will also vest in the trustee and they will have to register the bankruptcy on title and ensure that it is realized upon for the benefit of your creditors, whether that is immediately or years from now.