selling property

October 2nd, 2012 by Questions

I am bankrupt and my wife has a house in her name, if we sell a piece of the property must we declare those funds on our Surplus Income statement?

Posted from: British Columbia


One Response to “selling property”

, A licensed trustee said:

We receive more than a dozen e-mails everyday like this one – from people that have already filed and are working with a trustee. In these cases you should be speaking to your trusteee – they are being paid to assist you…

To answer your question, your wife may do as she wishes with the things she owns – like selling a piece of land. It should not be considered income and so will not be subject to the surplus income rules, assuming she is not bankrupt herself.

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.)