co-owner of vacation property in U.S.

July 17th, 2013 by Questions

mobile home worth $14,900.00 purchased five years ago with a co-owner who wants to do a personal bankruptcy. Fully paid for. Property in the U.S. We are joint tenants – not married. Does he have to disclose this recreational property that is his principal residence for six months and otherwise rents in Canada for six months

Posted from: British Columbia


One Response to “co-owner of vacation property in U.S.”

, A licensed trustee said:

Canadian bankruptcy law is based on worldwide income and assets – the fact that the mobile home is outside of Canada does not make it exempt. He has to disclose it and he will be required to pay an amount equal to his ownership share into his bankruptcy. You can’t have your cake and eat it to – if he wants relief from his debts then he needs to follow the rules. Failure to disclose the mobile home might cause his bankruptcy to be nullified – hardly seems worth the risk.

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