assets that need to be declared

November 28th, 2011 by Questions

I am considering to file personal bankruptcy and did not find the answer in FAQ :
I & my father qualified for a mortgage for a house 5 yrs ago, therefore jointly hold the house title & mortgage, my father contributed 100% for the down payment, since he could not qualify for the mtg. I put my name on it just to qulaify for the mtg. Do I need to declare this house being my assets whether I live in it or not?. Will it effect in any way to his credit, can debtors can come after the house ?.

Posted from: Alberta


One Response to “assets that need to be declared”

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

Absolutely you need to declare this as an asset. Your name is on title and you are on the mortgage, so failure to do so would be inappropriate. As for what will happen to the house. As yo do not live in it 50% of the equity likely will have to be paid into your trustee as part of your bankruptcy. Now this may depend on the type of agreement you wrote up with your father etc, but that is something your trustee will review with you. At this point I would suggest that you need to meet with a local trustee to discuss the ramifications of this house in more detail.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)