January 21st, 2014 by Questions
HI, I am being sued for a low velocity car accident. Also, my insurance had expired. I may have a very large bill to pay as all of the lawyers say personal injury cases always win. and was thinking i may have to go bankrupt. I a a single mother who makes 21000.00 a year. I do co-own my home with my parents. There is approx. 77,000.00 in equity and I have RESP for 3000.00. Can I transfer the home solely to my parents? Also, can i be indigent if i won a home? I cannot get a lawyer to represent me. Posted from: British Columbia
One Response to “Trish”
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January 24, 2014 at 1:33 pm, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:
As an uninsured driver responsible for an accident you will be responsible to the government insurance company for the damages. While bankruptcy may discharge the liability, the right of the insurer to withhold driving privileges may continue until the claim is satisfied. A recent decision in Ontario may have indirectly questioned this position. If you go bankrupt all of your assets less allowed exemptions vest in the trustee. Your exemption in your home is to a maximum of $12,000 or $9,000.00 depending on your location in BC. There is no exemption for RESPs. Transferring the home to your parents will not out it out of the reach of your creditors. The complexity of this problem really requires an in-depth review by a trustee