joint ownership in home

October 24th, 2011 by Questions

My father in law owns half of my home. My husband and I own the other half. My husband and I would like to declare bankruptcy. My husband and I have a secured loan on the home that has nothing to do with my father in law. He is not listed on the loan or responsible for it. Would my father in laws equity in the home be included in our equity calculations? We are trying to keep our house.

Posted from: Ontario


One Response to “joint ownership in home”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Part of this answer is going to depend on who was originally involved in the purchase of the home, which all help to determine the percentage of equity that belongs to each of you. So what you really need to do is contact a local trustee.

But your father in law’s share of the equity shouldn’t really be an issue. He will ultimately retain his share of the equity once the mortgage and any other secured loans are deducted from the value of the house.

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