Own my home with spouse

September 17th, 2012 by Questions

Hi, I have a question, if my spouse and I own our home, no mortgage, but I’m the only one claiming bankruptcy as I have credit card debt that I can’t pay off due to me losing my job, will we have to sell the house? This is my debt, not his, and we have 2 children to support.

Posted from: Nova Scotia


One Response to “Own my home with spouse”

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

When you file for bankruptcy, what happens to you house is largely determined by provincial exemption laws. In Nova Scotia, as in a few provinces, there is no exemption permitted for your principle residence. So if you file for bankruptcy that means 50% of the equity in your house would need to be paid into the bankruptcy estate for the benefit of your creditors. So your options would be either to sell the house or to re-finance the house to pay in the required amount.

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