House equity
My spouse has filed for personal bankrupcy, and is required to pay the amount of equity of our family home to the trustee. Why is it that I legaly own 50% of our family home, but have to pay my share of the equity to my spouse’s bankrupcy?
Posted from: Ontario
Your spouse should only be responsible for his share of the equity – you may want to review the calculation with their trustee. If you can’t agree on a fair amount you may ask for the Court to review the situation and decide. Just be careful – the Court can do whatever it thinks is justified. Review the trustte’s offer BEFORE you decide to go to Court.