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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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50/50 split of house and the filing of a bankruptcy in ontario

Hi My friend and I own a house 50/50 split.
I am considering going bankrupt. What will happen to the house?

Thanks

Posted from: Ontario

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One Response to “50/50 split of house and the filing of a bankruptcy in ontario”

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

This is a question you will have to consult with a local trustee. The problem is we simply don’t have enough information to provide an answer. The answer will depend on the following:
1. Who’s name is on title to the house;
2. How much equity in in the house;
3. Who’s name is on the mortgage;
4. What is the plan with the house going forward (i.e. are you going to sell it, rent it out etc.)

So contact a local trustee and they will be able to advise how a bankruptcy will impact the house based on the details above.