House equity

December 6th, 2012 by Questions

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


One Response to “House equity”

, A licensed trustee said:

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.

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